Chart of the Day - Wednesday, January 6th, 2021

Today’s Chart of the Day was shared on Twitter by Strategas Research (@StrategasRP). It's a chart of the MSCI All Country World Index (Ex. US) ETF, $ACWX, over the past four years. The top-weighted countries in the ETF include Japan, China, UK, France, and Canada. Strategas points out that $ACWX just broke out of a three-year base, and has begun to outperform US stocks in recent months. In a comment to The Chart Report, Todd Sohn of Strategas said, "I think this development is being overlooked. To us, this looks like the start of a new leg higher. You just exited a three-year bear market. I would encourage everyone to look at the individual markets in here such as Japan, China, France, and even Switzerland. We haven't seen this type of broad-based strength in over three years, which can be considered bullish."