The world's major stock markets are moving in lockstep. Every region I track remains above a rising 200-day moving average, with most sitting near all-time highs and none showing signs of long-term trend deterioration.
Here’s the chart:
Let's break down what the chart shows:
The chart displays MSCI ACWI, Europe ex-UK, Pacific ex-Japan, United States, Emerging Markets, United Kingdom, and Japan.
The black candlesticks show each region's price.
The red line shows the 200-day moving average.
The Takeaway: The strongest bull markets are rarely driven by a single country. They tend to happen when money is flowing into stocks around the world at the same time.
That's exactly what we're seeing today.
All seven regions are moving in the same direction. Every market remains above a rising 200-day moving average. There are no exceptions.
The strength goes beyond simply staying above a trend line. The average region sits roughly 10% above its 200-day moving average. Most aren't fighting to hold their uptrends. They're comfortably above them.
Four of the seven regions are also within 1% of all-time highs. Japan, Europe ex-UK, Canada, and the United States are all pressing against record highs. The three regions not yet at new highs aren't breaking down or rolling over.
Bull markets don't require every region to hit new highs at the same time. What matters is that weakness is limited and participation remains broad. Right now, there are very few signs of meaningful deterioration anywhere in the global equity landscape.
That's what healthy bull markets look like. New highs are appearing across multiple regions, leadership is expanding rather than narrowing, and even the weaker areas continue to trend in the right direction. The weight of the evidence points to a market environment where the bulls remain in control.
I'm treating this as a message about participation.
So I'm spending less time searching for reasons the trend should fail and more time identifying where money is actually flowing. The markets showing the strongest momentum and relative strength continue to deserve the most attention.
Seven regions. Seven rising long-term trends.
That's not a warning sign. It's a sign that investors around the world are still willing to put money to work.
