The S&P 500 has seen a slight dip off of record highs in the past few days with many other equity markets around the globe seeing similar price action. As shown below, of 22 major global markets we track, there are currently seven that are within 1% of record highs (priced in local currencies). That includes the S&P 500 which is 0.34% away and three countries trading at record highs as of mid-day Monday: Australia, Japan, and Taiwan.  Of those, Japan and Taiwan are actually some of the fresher bull markets (all 22 of these countries are currently in bull markets) whereas Australia is still in the same bull market that has been in place since the COVID Crash lows. The four others within 1% of a high include the UK, Canada, United States, and Mexico. Mexico is the only country within 1% of a fresh high that has yet to have a record close in August.  As for the other countries that are further below prior highs, Italy, Malaysia, Hong Kong, and China are the only ones that are still more than 10% away.

As discussed above, Japan is one of three countries trading at fresh all time highs. While notable on its own, Japan's rally is even more impressive when put in the context of the past several decades. After peaking on December 29, 1989, Japan didn't move into the black from those levels until February of last year.  While the past 18 months since that initial breakout have seen some fluctuations around those prior highs, this latest rally more clearly defines the breakout.  Elsewhere in the APAC region, Taiwan is also at a fresh highs after recently breaking out above more short term resistance of its highs from July 2024.  Those are not the only two long term breakouts though. In the first week of this year, Singapore finally reclaimed its peak from October 2007. Outside of the spring dip as trade became front and center, Singaporean equities have left those prior highs in the dust.

While those breakouts have been confirmed, a few other areas are setting up to breakout. Italy and Spain have rallied solidly so far into the 2020s, and as a result of those gains are pressing up towards highs not seen since 2007. For Italian equities, a breakout above those levels would still leave resistance at its early 2000 all time high in play whereas a Spanish breakout would result in all time highs.  Over in South Korea, a post-pandemic stock surge sent the KOSPI up to records in the first half of 2021. However, it has now been a few years below those highs. That is until this year.  The KOSPI has rallied over 30% since this April's lows and now it is within 4% of that 2021 peak.

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