Nearly 94% of Global Markets Trading Above 200-Day Moving Average, Signaling Unprecedented Equity Momentum

The global equities landscape is flashing remarkable strength signals. According to fresh analysis from The Kobeissi Letter, approximately 94% of markets within the MSCI All Country World Index (ACWI) are currently trading above their 200-day moving average—a technical milestone that hasn’t been reached in over five years. This breadth indicator suggests that bulls have firm control across nearly all major markets worldwide.

The 200-Day Moving Average Milestone: When Most Markets Flash Green

The significance of having 94% of ACWI-tracked markets above the 200-day moving average cannot be overstated. This technical threshold represents a turning point where long-term momentum firmly shifts in favor of buyers. Simultaneously, 87% of ACWI nations are positioned above their 50-day moving average, marking the strongest reading since July 2025. Together, these metrics paint a picture of broad-based bullish sentiment rather than isolated gains concentrated in a few names.

The MSCI All Country World Index encompasses 23 developed markets and 24 emerging markets, providing a comprehensive snapshot of the planet’s 85% of investable equities. When such a wide swath of this universe is above key moving averages, it underscores the extent of current market participation and optimism.

MSCI ACWI Surges 21.6% Year-to-Date Amid Unprecedented Breadth

The raw performance numbers amplify the bullish narrative. The ACWI Index has delivered a +21.6% return year-to-date, positioning 2026 to mark the third consecutive annual gain for the benchmark. This multi-year winning streak is delivering tangible gains across diverse geographies and sectors, providing investors with conviction that the rally has substantial legs.

What makes this performance particularly noteworthy is its consistency. A sustained movement where the vast majority of holdings remain above their 200-day moving average suggests this isn’t a narrow market confined to mega-cap or specific regions—it’s a systemic rise spanning developed and emerging territories alike.

Global Equities Outpace U.S. Markets by Historic 12-Point Margin

Perhaps the most striking divergence emerging from this bullish backdrop is the relative outperformance of international equity markets. The MSCI All Country World Index (excluding the United States) has gained a 12 percentage-point advantage over the S&P 500 Index, representing the most pronounced gap since 2009. This development signals that capital is finally rotating beyond U.S. borders, rewarding investors who maintained exposure to international developed and emerging markets.

The investment community is witnessing an exceptional period where multiple technical indicators—200-day moving averages, 50-day moving averages, year-to-date returns, and cross-regional correlations—are aligning to reinforce a powerful equity narrative. With nearly all major markets sustainably positioned above their 200-day moving average, the foundation for continued gains appears substantially intact.