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

Key Observations

Emerging Markets (EEM)

EEM is currently making new highs for the year and has risen by 8.8% since Sep 2nd.  Meanwhile, EEM has outperformed the S&P 500 (SPY) by 5.0% since Sep 4th and is testing its March relative performance highs versus the US benchmark index.

Gold (GLD)

Gold has taken a short-term pause following about 2.0% of outperformance since PRISM turned all green on the precious metal.  Minor support sits at $325.92 and the 21-day moving average, following GLD’s all-time high of $340.88 set on September 16th.

Crypto (GBTC)

GBTC is close to turning green across all timeframes in PRISM, held back only by its medium-term relative performance line which is currently being tested. Its next major overhead obstacle is the all-time high of 96.62 set on August 13th. We use crypto as a gauge of investor risk appetite, and current trends indicate an increase in risk-taking behavior. Formidable underlying support exists in GBTC at 86.11, its December 2024 benchmark high.

US Technology (QQQ)

US Tech is back to all green after briefly lagging the S&P 500. QQQ is currently making new all-time highs and is also breaking resistance on the relative performance chart versus SPY. With ongoing announcements of continued AI investment, QQQ appears poised to resume its market leadership.

Takeaways

The S&P 500 continues to grind higher, driven largely by renewed leadership from US Technology, which may fuel the broad market’s next leg higher. Investor apprehension about US equities appears to have faded, as evidenced by strength in QQQ, GBTC, and repeated failed attempts by ex-US equities to outperform US markets. The currently Positive Asbury 6 confirms a tactically healthy market with five of six constituent metrics showing green. We will be watching to see how this renewed leadership in technology shapes the market’s next move.

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.