Global Equities - Half the world is in a bull market

Callum Thomas

Topdown Charts

This would have to be my chart of the week. The red line shows the proportion of countries (70 in this study) that are currently in a bull market: currently just over 50%. The chart appeared in the latest edition of the Weekly Macro Themes (VIEW LINK) . So how do you define a bull market? The simple answer is a market that's going up... but there is a rule of thumb that a market that has gone up at least 20% is in a bull market. I've gone with this definition for simplicity, for the chart I used a 52-week window (so to register, a stock market would need to be up at least 20% from its lowest point over the last 52 weeks). What's interesting about this chart is that it is showing many familiar signs that often occur at the start of a bull market - just look at the 2016 bottom vs 2003, 2009, and 2011. Indeed, it looks like an entirely new bull market in global equities is now under way.


Callum Thomas
Head of Research
Topdown Charts

Callum is Head of Research at Topdown Charts. Topdown Charts is a chart-driven macro research house covering global Asset Allocation and Economics.

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.