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 currently has a bullish reading across all four monitored time frames.

Key Observations

US Technology (QQQ):

Technology continues to lead as QQQ grinds steadily higher, reaching new all-time highs on the price chart.  Since the April 7th close, QQQ has gained an impressive 34.5%.  It is currently retesting its relative performance high established on July 10th—marking the third test of this level in the past 15 days. A successful breakout here could signal another leg higher.

Crypto (GBTC):

The Grayscale Bitcoin Trust (GBTC) reached a new all-time price high on July 14th but has experienced a slight pullback since then, resulting in a red signal on the Micro-term.  On the relative performance chart, GBTC is again approaching its all-time high versus the S&P 500 (SPY), which it has failed to surpass  on four previous attempts since mid-May.  GBTC is currently finding outright support at its 21-day moving average on the price chart.

US Interest Rates (AGG) & Commodities (DBC):

Both the iShares Aggregate Bond ETF (AGG) and the Invesco DB Commodity Index (DBC) are showing early signs of life, registering green in the Micro-term.  That said, recent price action for both has been largely sideways, which has made their 7-day moving averages easier to clear.  Minor overhead resistance exists at 99.23 for AGG and at 22.81 for DBC remains, and green cells in the Medium term would be necessary to shift these categories into a more constructive trend.

Emerging Markets (EEM) & US Small Cap (IWM):

Both Emerging Markets (EEM) and US Small Cap (IWM) failed recent attempts to break through overhead resistance levels.  As a result, both are now approaching key support levels on the relative performance chart—EEM nearing its 252-day moving average and IWM retesting its April 11th relative low, both versus SPY.

Takeaway

The PRISM model continues to reflect a strong Risk-On posture, aligned with the S&P 500’s ongoing rally to new all-time highs while up over 30% since April 7th.  However, there are some signs of emerging weakness in Equities ex-US, Emerging Markets, and Small Caps.

At the same time, early strength in AGG and DBC could evolve into something more meaningful if their trends extend beyond the short term. While this would not yet challenge the bull trend, it could serve as an early signal of rotation or caution.

Keep a close eye on QQQ and GBTC as they test their relative highs versus SPY—these moves could set the tone for the next leg higher in the equity markets.

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.