Next I want to show the same index but zoomed out 10 years:
To wit, MSWORLD first broke beneath its long-term bullish trend line in October 2014 (green line). In a classic example of topping action, the index then rallied back to the line and backtested it for several months, never meaningfully rallying above it. Then, when the US markets hit the air pocket this past August, MSWORLD finally broke down. And as you can see, it hasn't rallied anywhere close to what the US markets are seeing - again, a non-confirmation of the worldwide economic "recovery."
There's an old saying that stock market soldiers fall first but the market won't turn until the generals (ie. market leaders) fall. In the US markets, the generals are companies like Google, Apple, Microsoft (unbelievably), Facebook, and Amazon. And the soldiers are just about every other company out there. Right now, fewer than 60% of S&P 500 companies are trading above their 200 day moving averages and yet the index is practically at all time highs. The only way this can be possible is if the market generals are single-handedly carrying the indexes - and this is exactly what's happening.
In my opinion, you can take this further and apply the old saying to world markets. The US indexes are the generals and all of the other countries are the soldiers. As long as the US markets are rallying hard, the pervasive weakness found elsewhere remains masked and conveniently overlooked by the perpetual market cheerleaders of the media outlets that will remain unnamed. There is weakness out there folks - don't be fooled.