MSCI ACWI Nears 5-Year High as Global Markets Rally; Ex-US Outperforms the S&P 500 by 12 Percentage Points in Third Straight Year of Gains

Market observers note that roughly 94% of the ACWI components are trading above the 200-day moving average, a level nearing a five-year high in line with the Kobeissi Letter analysis.

Additionally, about 87% of ACWI country markets trade above the 50-day moving average, the strongest breadth reading since July, signaling broad momentum across developed and emerging markets.

The ACWI spans 23 developed markets and 24 emerging markets, representing roughly 85% of investable equity exposure on a global scale.

Year-to-date, the ACWI has risen about 21.6%, with potential for a third consecutive annual gain. The ex-US ACWI also outperformed the S&P 500 by around 12 percentage points, the largest gap since 2009.