Chart of the Day - Monday, January 23rd, 2023

Today’s Chart of the Day was shared in a note by John Roque (@daChartLife). It's a ratio chart of the S&P 500 vs. the rest of the world since 1970. One of the most noteworthy themes so far in 2023 has been the underperformance of US Stocks vs. International Stocks. US Stocks have dominated for more than a decade, however, John points out that they could continue to lag in the coming months. For starters, this ratio just broke a rising 25-month moving average. Also, momentum is at a 13-year low with the 12-month rate of change entering into negative territory. US investors have been rewarded for their home country bias over the past decade, but perhaps it's time to start looking for opportunities outside of the US.