Global breadth
Stocks continue to rally around the world, pushing the first of global stock indices above their 200 dma. For 2 months every major countries' stock index was under its 200 dma, and this is no longer the case as the S&P 500 has broken above its 200 dma:
When long streaks of "every stock market is in a downtrend" ended in the past, the S&P 500 and other equity markets around the world usually pushed higher over the next 6-12 months:
One of the markets that was lagging and is now surging is the Australian stock market. A record 93% of S&P/ASX 200 members are above their 50 dma:
Since this is a record-breaking figure, we must loosen our study's parameters to increase the sample size. The following table illustrates what happens next to the S&P/ASX 200 after more than 85% of its members are above their 50 dma:
Australian equities had a slight tendency to pullback over the next 2 weeks (especially in the last 3 cases), but other than that this was not consistently bearish for Australian equities on any time frame.