Even with the Rally Yesterday, the Average Stock is Still 11% From Its 1 Year High

As the the technical divergences continue to pile up according to our work, one of the stats we've been keeping an eye on is how far the average stock is from its one year high. As of yesterday's close the average stock in the MSCI World Index was 11% from its one year high even though the index is itself only 1.4% from its cycle high. This is another example of the internals of the market showing a weaker trend than the headline indices would have us believe. In the tables below we show for each MSCI regional index the average stock's current price relative to it recent high broken down by sector.

MSCI World Index:


MSCI North America:


MSCI Europe:


MSCI Pacific: