Overwhelming Market Strength: 94% of Global Equities Trading Above Their 200-Day Moving Average

A remarkable technical turning point has emerged in global financial markets, signaling sustained bullish momentum across nearly all major indices. According to The Kobeissi Letter’s latest analysis, approximately 94% of markets tracked by the MSCI All Country World Index (ACWI) are now maintaining positions above their 200-day moving average—a technical threshold that typically indicates strong underlying strength and investor confidence. This reading approaches the highest concentration recorded over the past five years, suggesting a broad-based rally rather than isolated sector strength.

Strong Technical Signals Across Developed and Emerging Markets

The persistence of equities above the 200-day moving average reflects deeper market conviction. Complementing this benchmark, roughly 87% of ACWI constituent countries are trading above their 50-day moving average, marking the most widespread strength since mid-2025. The ACWI Index itself encompasses 23 developed markets and 24 emerging markets worldwide, representing approximately 85% of all investable equities globally—making this metric a comprehensive snapshot of worldwide equity health.

The technical picture becomes even more compelling when examining the index’s calendar performance. The ACWI has surged +21.6% year-to-date as of late 2025, positioning the benchmark to achieve its third consecutive annual advance. This consistency demonstrates sustained investor appetite beyond individual market cycles.

International Dynamics Reshape Equity Landscape

A striking divergence emerged between developed and emerging markets during this period. Non-U.S. equities, tracked via the MSCI All Country World Index excluding the United States, outpaced the S&P 500 by approximately 12 percentage points—the widest advantage since 2009. This reversal signals a meaningful rotation in capital flows and represents a significant shift from the previous years’ U.S.-centric rally.

The convergence of 94% of markets sustaining above the 200-day moving average, paired with such robust performance metrics, paints a portrait of synchronized global market enthusiasm rarely seen in recent history.