The All Country World Index ex-US ETF (ACWX) has surpassed its previous cycle highs from 2021, which is around 59.
Here’s the chart:
Let's break down what the chart shows:
The black line shows the price of the All Country World Index ex-US ETF (ACWX).
The blue line is the 50-day moving average of ACWX.
The red line is the 200-day moving average of ACWX.
The Takeaway: The All Country World Index ex-US ETF just broke out of a long consolidation. The base lasted 992 trading days. At its worst, ACWX dropped 32.8% during that time.
Now, it’s above the prior cycle highs from 2021, around 59. This level matters. It capped price for years. Breaking it is a shift.
ACWX is showing a strong trend, with price above both the 50-day and 200-day moving averages, the 50-day above the 200-day, and both moving averages sloping upward—this is a clear bullish setup.
Year to date, ACWX is up over 13%. The US market, measured by the S&P 500, is down 0.51%. That’s a big gap. It signals capital is rotating out of US stocks and into global names.
This isn’t new. The shift has been building through 2025. But many investors are missing it. Some stick to what they know—mostly US markets. Others just haven’t looked abroad. But ignoring global strength can limit opportunity.
When a breakout follows a base this large, it’s worth paying attention. It often marks the start of a long trend. Especially when relative strength backs it up.
So, if ACWX holds above it, the trend may have legs. If it slips back under, be cautious.
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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