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 down the middle of the Research Center, listed chronologically with other reports like Keys To This Week.  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.

US Technology, Bitcoin, and Emerging Markets are currently the asset classes with a bullish reading across all four monitored time frames.

Key Observations

US Technology (QQQ): QQQ remains firmly in the green across all four timeframes, setting fresh all-time highs on both price and relative performance versus the S&P 500.  Since April 7th, US Tech has surged roughly 44%, outperforming the S&P 500 by 7%.  Technology continues to lead this market rally, setting the pace for broader equity gains.

Crypto (GBTC): GBTC posted a fresh high on 8/13 before swiftly retreating back to its 21-day (monthly) moving average.  We continue to view crypto as a “risk-acceptance” barometer — often the tip of the spear for the market’s next move.  Its strong correlation with broader equities suggests that, as long as GBTC stays green according to PRISM, managers remain willing to take on risk.

Emerging Markets (EEM): EEM is chhallenging and thus far has failed to break minor overhead resistance at 50.89.  PRISM remains tilted toward equities and risk assets, much like GBTC.  As long as managers are comfortable assuming risk, the market’s broader trend has room to continue.

Global Equities ex-US (SPDW): SPDW is setting new all-time highs, lagging only in the medium-term relative performance timeframe versus the S&P 500.  Of the 41 MSCI country ETFs we track, 19 are now outperforming the S&P 500.  While the United States typically leads, recent strength has been concentrated in the Asia-Pacific Region.

  Takeaways

Overall, PRISM is showing continued strength in equities with US Tech leading the charge.  The developing trends in Gold and AGG have paused, showing yellow across the board, which suggests they have not gained enough momentum to become strong drivers.  This indicates the rally in the S&P 500 may still have room to run. Keep an eye on the US Dollar, as its strong 15-year positive correlation with the S&P 500 could signal the next move in US equities.

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.