From the desk of Willie Delwiche.
While what’s happening beneath the surface in US markets is a bit frustrating, we are seeing evidence of improving breadth on a global basis. Just shy of 75% of ACWI markets are trading above their 50-day averages, the highest level in more than two months. For comparison, 63% of S&P 500 stocks are above their 50-day averages. Broad global strength is important for the S&P 500 (especially given the current lack of a breadth-thrust backdrop) and could be critical if global equities are going to move into a leadership position as we move toward the end of 2021.
