After seven straight weeks of gains, US equity futures are modestly higher to kick off what bulls are hoping will be the eighth week of gains in a row. Along with the higher equity futures, treasury yields are lower, and crude oil is modestly higher.  On the economic calendar, the only report will be the 10 AM release of homebuilder sentiment. With Christmas less than a week away, look for volumes and newsflow to steadily slow as the week progresses.

Besides the US, the rally over the last several weeks has been global. Of the ETFs that track the G7 countries around the world, all seven were up in the latest week, and they’re all starting the week at overbought levels. With its gain of nearly 2%, the S&P 500 tracking ETF (SPY) was the second-best performer last week trailing only the 2.54% gain in the Canadian ETF (EWC). On a YTD basis, the US is one of four ETFs with a gain of over 20% YTD, and only Italy’s 27.8% topped the S&P 500.

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Looking at the charts of all seven ETFs representing the G7, they’re all right at or near 52-week highs. One key difference between the US and the rest of the world, though, is that while other countries are still testing or only marginally higher than their summer highs, the US handily took that level out over a week ago as it has been a leader.

(Click on image to enlarge)

(Click on image to enlarge)

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