Global equities keep defying gravity. MSCI's All Country World Index just hit a remarkable milestone — 159 consecutive trading sessions without seeing a 5% drop. That's the longest run since the 2016-2018 bull stretch.

We're talking about serious breadth here. This thing tracks 23 developed economies and 24 emerging ones, basically capturing 85% of the investable universe. When you see that kind of resilience across such a wide net, it tells you something about underlying liquidity conditions and risk appetite.

The last time markets held steady this long? Right before things got interesting in late 2018. Not saying history repeats, but it definitely rhymes. Worth watching how this streak plays out as we navigate shifting macro currents.