The U.S. stock market continues to rise, while almost all other markets worldwide have long since entered a consolidation phase. The question is more topical than ever: how long can the US market maintain its solo run?

Optimism has been waning for a few days now, but the index continues to be carried upwards by a few stocks...

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The trend strength of the S&P500 is still there...

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The ratio of the S&P500 compared to the World Index shows how strong the outperformance of the US equity market has been in recent weeks...

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Optimism has also waned recently on the Nasdaq. This is a basic prerequisite for a correction. The other is for the indicator to fall into the pessimistic zone - we are still a long way from that...

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The Nasdaq has massively outperformed the S&P500 index...

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As already mentioned, pessimism has long since gained the upper hand in Europe. The Stoxx 50 Index with the largest European companies has already reached such a pessimistic level that a (technical) recovery should be possible...

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The same applies to the broad Stoxx 600 Index: the stock markets are deep in pessimistic territory...

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Not surprisingly, the UK stock market has been consolidating for some time due to the elections - with the potential for a continuation...

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...because smart investors are still not accumulating. No uptrend without sustained buyers...

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Sentiment on the German DAX index is improving again somewhat. Still too little for sustained advances...

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In Switzerland, sentiment has only just fallen into pessimistic territory. The consolidation could turn into a correction...

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And as in the UK, the effects of politics are also evident in France: sentiment is deeply pessimistic...

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But at least: when sentiment is this negative, smart investors usually show up. In fact, the indicator shows that accumulation is already taking place again in the background...

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Accumulation is also evident in Tokyo...

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And in contrast to the stock markets already discussed, optimists predominate in Tokyo...

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In China, too, sentiment will soon return to the predominantly optimistic zone...

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