Summary: US equities continue to make new all-time highs each week, supported by strong equity fund inflows and macro data that has exceeded expectations. Surprisingly, equities outside the US are actually outperforming the S&P. The current trend is very extended and there are four notable headwinds that may impact equities in the weeks ahead. There is, conversely, a favorable set up in the bond market.
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On Friday, SPX, DJIA, COMPQ and NDX all made new all-time highs (ATH). During the week, RUT and NYSE also made new ATHs. All indices moving to new high together suggests that this is a broadly based rally.
The equity rally is broad in another sense as well. In the past 3 months, markets outside the US have outperformed the SPX. Europe and emerging markets have led, and the World ex-US index has gained 9%. In the US, the NDX is leading. Enlarge any chart by clicking on it. . .
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