73 consecutive days that the All Country World Index markets have posted more new highs than new lows.
Here’s the chart:
Let's break down what the chart shows:
The top panel plots the daily closing price of the All Country World Index ETF in black.
The middle panel shows the daily net number of ACWI markets making new highs minus new lows as vertical bars, green for positive readings and red for negative readings.
The bottom panel tracks consecutive-day streaks: green triangles mark runs where new highs exceeded new lows; red triangles mark runs where new lows exceeded new highs.
The Takeaway:
Global breadth is not just positive. It is relentless!
A 73 day streak of more new highs than new lows marks the strongest run of worldwide participation since May 2021.
This is a clear shift from the stop-start action of 2022 and 2023 when negative streaks dominated.
This streak spans dozens of country markets, not just the US, showing broad participation rather than isolated strength.
The All Country World Index is pressing new highs with the strongest internal support in more than three years, a backdrop that history shows is associated with healthy global uptrends.
Runs of this length across so many markets do not happen in weak environments.
With participation this broad, is the market laying the foundation for the next leg higher?
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