May. 14 at 3:02 PM
$SPY vs
$EFA making a fresh YTD high is a pretty clean signal of relative strength continuing to tilt toward U.S. equities.
What matters here isn’t just both trending higher — it’s the spread behavior.
$SPY leading
$EFA usually reflects capital preference for U.S.-heavy growth exposure (AI, mega-cap tech, liquidity depth) over international cyclicals and value-heavy baskets.
In other words, this isn’t just a global risk-on move — it’s a “U.S. leadership premium” market. As long as that ratio keeps grinding higher, global participation can rise, but the U.S. remains the driver of marginal upside.
👉Click to view @StockMomentumLab for timely updates amid the volatility.