Data: Approximately 94% of global stock markets remain above the 200-day moving average, with equity investment heating up

On December 31, according to The Kobeissi Letter, approximately 94% of the markets covered by the MSCI All Country World Index (ACWI) are now trading above their 200-day moving average, reaching the highest level in nearly 5 years. Meanwhile, about 87% of ACWI country markets are above their 50-day moving average, the highest since July of this year. The ACWI index covers 23 developed markets and 24 emerging markets worldwide, representing approximately 85% of investable stocks globally. The ACWI index has gained +21.6% so far this year, approaching its third consecutive year of annual gains. At the same time, the MSCI All Country World Index (excluding the US) has outperformed the S&P 500 by 12 percentage points, the largest gap since 2009. Global stock markets are experiencing an unprecedented investment frenzy.