More 8 week highs
The global stock market's rally has pushed more stocks to 8 week highs. For example, the S&P 500 has swung from bear market territory (-20% below 1 year highs) to more than 33% of its members at an 8 week high:
When this happened in the past, the S&P's returns over the next few weeks and months were mostly bearish. Historical cases that occurred when the market was still in a bear market were bearish, and historical cases when the bear market was over were mixed. The March 2003 case saw the S&P witness short term losses, but the April 2009 only saw the S&P rally even further before any pullback/correction could take place.
Overseas, 50% of DAX members are at 8 week highs:
When this happened after the DAX recently climbed out from bear market territory, the DAX usually fell over the next 1-2 weeks:
In Japan, a historic 67% of Nikkei members are at 225:
When this happened after the Nikkei recently climbed out from bear market territory, the Nikkei's forward returns were not consistently bearish on any time frame. Sometimes the Nikkei pulled back, and sometimes the Nikkei pushed higher: