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 quickly and clearly identify where capital is being rewarded.
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 does not identify any Asset Classes with a Positive/Bullish reading across all four time periods.
PRISM: 11-19-2025
Key Takeaways
The US Dollar and Gold are both showing strength across three of four time periods. For the US Dollar, recent history suggests that when the dollar is outperforming on at least a 63-day basis, equity markets have typically struggled to take the next leg higher. This isn’t a hard-and-fast rule, but it’s a recurring observation on our relative performance charts.
Technically, the dollar has also completed an inverse head-and-shoulders pattern, with its breakout on 10/7, which implies a measured price objective near $29, about 2.2% above the current level.
Gold, meanwhile, continues its quarterly relative outperformance, lagging only on the Micro-Term. Its persistent strength reinforces the broader theme seen in the Prism Report: a lack of risk appetite.
Declining risk appetite is also reflected in other asset classes:
- Crypto (GBTC) is red across all time periods.
- Emerging Markets (EEM) and US Technology (QQQ) both are red in the Short-Term and Micro-Term.
These readings serve as confirmation signals alongside our Asbury 6 and Corrrection Protection Model (CPM), which continue to indicate a risk-off environment. We are watching the Aggregate Bond Fund (AGG) closely for further confirmation of developing weakness in equity markets.
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.