The PRISM Report: A Clearer View of Global Investment Trends

The Prism Report is your streamlined, data-driven guide to uncovering opportunities across global markets and asset classes. Built around Asbury Research’s foundational “three-legged stool” approach of trend, relative performance, and asset flows, this tool offers a concise and comprehensive way to identify where capital is being rewarded—quickly and clearly.

PRISM, which stands for Portfolio Review of Investment Sectors and Markets, is published at the end of the week.  You can find the PRISM Report right in the middle of the Research Center, listed chronologically with other reports, such as Keys to This Week and The Weekly Wrap-Up.  You can pull up all recently published PRISM Reports by typing “PRISM” in the Search By Keyword box located on the right border of the Research Center.

PRISM: 10-30-2025

PRISM currently identifies Emerging Markets and US Technology as the only asset classes with a Positive/Bullish reading across all four time periods.

Key Observations

Emerging Markets (EEM)

EEM is showing green cells across all four time periods.  Technically, EEM is setting new year-to-date (YTD) highs and is trading above its 200-, 50-, and 21-day moving averages.  The next formidable overhead resistance is 5.8% above the market at 58.29, which is the February 2021 all-time high.  Near-term underlying support is 4.1% below the market at 52.95 and represents the 50-day MA, a widely-watched minor trend proxy that has closely defined the current uptrend since late April.  EEM has been outperforming the S&P 500 (SPY) on a quarterly basis since Sep 8th and has outperformed by 3.0% since then.

US Technology (QQQ)

QQQ is also showing green cells across all four time periods, while trading above its 200-, 50-, and 21-day moving averages and setting new all-time highs — both outright and versus the benchmark S&P 500 (SPY).  Important underlying support exists 5.5% to 6.7% below the market at 596.78 to 589.05 and represents the 50-day MA and the Oct 10th benchmark low.  The current May 1st minor uptrend, as defined by the 50-day MA, remains intact above this area.  QQQ is in a Sep 12th trend of quarterly relative outperformance versus SPY and has outperformed the benchmark index by 3.7% since then.

Key Takeaways

The EEM ETF, which tracks the MSCI Emerging Markets Index, holds stocks from approximately 24 emerging markets, including China, India, Taiwan, and South Korea, which make up the largest portion of the portfolio. Recent strength in EEM is likely related, at least in part, to the recent US/China trade truce and the broad trade deal between the US and South Korea. 

Meanwhile, continued strength in QQQ, which tracks the large-cap Technology NASDAQ 100 (NDX), remains driven by optimism surrounding artificial intelligence (AI).  Moreover, AI  has been the primary driver of the recent surge in tech stocks, which has been dragging the rest of the US stock market higher along with it.

At the other end of the spectrum, however, is weakness in crypto ETF GBTC, which we view as a broad indication of overall risk appetite.  The sharp divergence between QQQ and GBTC underscores that recent strength in the stock market has been very narrow and largely event-driven , even while extreme uncertainty regarding tariffs, interest rates, and rapidly changing geopolitics may be tamping down risk appetite overall.  

About PRISM

At the heart of Prism is a simple but critical formula for success: positive price trend, positive relative performance, and positive asset flows. These three factors—trend, performance, and conviction—are the cornerstones of identifying sustainable market leadership.

We’ve expanded this concept across four key time frames:

  • Micro (7 days)
  • Short (21 days)
  • Medium (63 days)
  • Long (200 days)

This multi-horizon approach provides investors with a dynamic lens through which to view the market in a multidimensional way. Why does this matter?

  • Trend: If the price isn’t appreciating, we’re not interested. Positive price momentum is non-negotiable.
  • Relative Performance: If it isn’t beating the S&P 500, there’s an opportunity cost. Investors deserve better than average performance.
  • Asset Flows: Capital inflow indicates directional conviction—real money moving with purpose. It’s the ultimate vote of confidence from institutional players with skin in the game.