Global participation is expanding, with the majority of the 43 global ETFs I track are now above their shorter-term moving averages.
Here’s the table:
Let's break down what the table shows:
Each row in the table represents a developed or emerging market country ETF. The columns indicate the percentage by which each country is above or below its key moving averages, starting with the 10-day moving average and progressing up to the 200-day moving average.
The Takeaway: The improvement seen over the past few weeks is not just limited to the US. The percentage of global markets moving back above key short-term averages has been increasing throughout 2025, with the leadership primarily coming from the 22 developed markets. While these shorter-term trends have been strengthening beneath the surface, the shift at the index level has only recently begun.
These kinds of improvements in market breadth could establish a strong foundation for a sustained global rally. However, for me to believe that this recent run-up has lasting potential, I need to see the leadership countries breakout to new all-time highs and the lagging countries successfully breakout higher from their bearish-to-bullish reversal patterns.
Grant Hawkridge | Chief Aussie Operator, All Star Charts
ICYMI: Steve Strazza did killer session earlier this week breaking down one of the most misunderstood trades in the market right now... China. You can catch the full replay right here
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