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.

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

Key Observations
  • Emerging Markets (EEM): Emerging Markets continues to show strength across all four time periods. However, EEM is rapidly approaching overhead resistance at $50.89, which represents the January 2022 high. Below the market, minor support exists at the $48.80 July 3rd high, which is currently coinciding with EEM’s 21-day (monthly) moving average.
  • Global Equities Ex-US (SPDW): Setting new all-time highs on Jly 23rd, SPDW is showing green across all time periods except the Medium Term, due to lagging relative performance during that time period.  Recent strength in SPDW has been fueled by expanding assets under management (AUM) as the PRISM report remains skewed toward strength in equities.
  • US Small Cap (IWM): IWM is also rapidly approaching overhead resistance at $230.70, the Feb 6th high, and is also currently trading just above its 50- and 200-day moving averages, which we view as formidable underlying support.
  • Crypto (GBTC) & US Technology (QQQ): Both GBTC and QQQ recently made new all-time highs but, on a relative performance basis versus the S&P 500 (SPY), these new highs are thus far unconfirmed.  Moreover, both ETFs have risen by more than 40% from the April lows and have thus become overextended and vulnerable to a corrective decline.

 

Takeaway

PRISM continues to indicate a Risk-On bias in equities as the benchmark S&P 500 continues to make new all-time highs and is up over 30% since April 7th.  However, there appears to be some slowing or shifting under the surface while several of those equities-related ETFs are now approaching overhead resistance levels, both outright and relative to the benchmark S&P 500.  Meanwhile, Commodities and Bonds have upwardly shifted to yellow (Neutral) from red (Negative), which suggests these assets are at a quantitative decision point and may be turning Positive.  

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.