One number. One chart. One insight moving markets today.
The World Is On The Right Side of 200 📈
By Grant Hawkridge
December 15, 2025
Today's number is... 200
The 200-day moving average is holding across every major global equity market.
Here’s the chart:
Let's break down what the chart shows:
The chart displays daily price in black for the MSCI ACWI, United States, Europe ex-UK, Pacific ex-Japan, Emerging Markets, United Kingdom, Japan, and Canada. Each region includes a red 200-day moving average.
The first indicator displays the market’s distance above or below its 200-day moving average for each region.
The second panel shows the number of consecutive days each market has remained above its 200-day moving average.
The Takeaway: Every major global region I track is trading above its 200-day moving average.
This is not selective strength. This is global trend confirmation.
This is not a US only tape. The United States is strong, but the rest of the regions are holding above their long-term trend as well. When global markets are on the same side of the 200-day moving average, risk appetite stays supported.
The position matters, but the duration matters just as much. Most regions have held above their 200-day moving average for more than 150 days. These trends have absorbed pullbacks and kept going.
This is also not what global stress looks like. Stress shows up when markets start slipping below the 200-day moving average one by one. None of that is happening here. The tape is unified.
That does not mean straight up. It means pullbacks tend to resolve, not spiral. When price is above the 200-day moving average across regions, the burden of proof stays on the bears.
So, if the world is holding above the 200-day moving average, what exactly are you betting against?
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