U-S-A! U-S-A! But for how long?

Mid-week market update: The US markets have surged recently relative to global equity markets, as measured by MSCI All-Country World Index (ACWI). Developed markets (EAFE) and emerging markets (EM) have weakened on a relative basis.

How long can this last? The S&P 500 is testing an important resistance level that could lead to an all-time relative high for US stocks. The renewal of US leadership has coincided with a display of strength of growth over value.
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