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 currently identifies Gold, US Technology, Emerging Markets, and Crypto as the three asset classes with a Positive/Bullish reading across all four time periods.

Prism 10092025
Key Observations

US Technology (QQQ) & Gold (GLD)

Gold and US Technology remain the dominant leaders in this market cycle, each setting fresh all-time highs and extending their relative outperformance versus the S&P 500. Since August 29th, when Gold began outperforming across all four time frames, it has gained 11% versus the index — a remarkable run that reinforces its leadership status.

Meanwhile, QQQ has maintained consistent strength, outperforming the S&P 500 by 2% since September 12th. It continues to respect its 21-day moving average as underlying support — a line in the sand that would need to be decisively broken to challenge the current uptrend. Until then, momentum and money flow remain firmly tilted toward US Tech.

Crypto (GBTC)

GBTC printed a new high on October 6th, before pulling back to test underlying support near $96.62. From a risk-appetite standpoint, the continued demand for speculative assets like crypto suggests investors remain comfortable embracing risk. GBTC currently trades about 3.75% above its 21-day moving average, keeping its short-term trend intact. We’ll be watching closely — if support fails, it could serve as an early signal of softening risk appetite across markets.

Commodities (DBC)

Commodities are showing signs of life again, testing overhead resistance at 22.81 (the level first established on July 18th, 2025). Strength is visible across all four time frames in Price and Money Flow, though relative outperformance versus the S&P 500 remains muted outside the Micro Term. A confirmed breakout above resistance could mark the beginning of a broader rotation into commodities, while support sits at the 21-day moving average as a key pivot level to watch.

Emerging Markets (EEM)

EEM broke above overhead resistance on October 2nd, which now acts as support at $53.58. Since turning green across all four-time frames on September 5th, EEM has outperformed the S&P 500 by 3%. Price action has since consolidated, suggesting investors are pausing to reassess after a strong run. Whether this support zone holds will reveal if Emerging Markets remain part of the global risk-on trade — or if momentum begins to fade.

Takeaways

PRISM remains fully aligned with risk-on assets, led by US Technology, Gold, and Emerging Markets. Crypto, our barometer for speculative appetite, is still flashing green, reinforcing that investors remain comfortable with higher-beta exposure.

At the same time, EEM and GBTC sit at inflection points that could foreshadow shifts in market tone — though we’d need to see weakness in US Tech before making any strong calls on direction.

Overall, the Prism report continues to favor Gold and Equities as the S&P 500 continues to make all-time highs. While emerging micro trends are emerging in the Commodities, Oil and the US Dollar.  US Aggregate bond funds, are showing yellow in all four-time frame, just trailing in relative performance versus the S&P 500 in each time periods. 

 

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 gives investors a dynamic lens through which to view the market in a multi-dimensional 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.