Market Breadth Confirms New Cyclical High in Stocks in Europe, Fails to Confirm in North America and Asia

On a weekly closing basis we can see quite clearly that the number of new 52 week highs in Europe has continued to expand while the MSCI Europe index makes new cyclical highs. In North America and Asia it's a different story: headline indices keep going up, but the number of new 52 week highs are clearly less than earlier in the year. We prefer to see measures of breadth confirming rising headline indices as divergences call into question the the sustainability of rallies.