Global Markets holding up better than US Markets

Economists forecast that the recession outside the US will be much worse than the one within the US. Yet, lately, the global markets are holding up better than the US markets.

Here is the performance over last 10 trading days up-to yesterday:

The Eurozone is the best performer followed by the Emerging Markets. These 2 markets are also positive in the new year as of this writing:

Whereas the S&P 500, Dow Jones, NASDAQ and Russell 2000 are all down.

The trending heat map also reflects the performance.

We saw a bullish to bearish reversal at the start of 2021. Are we going to see the opposite (a bearish to bullish reversal) at the start of 2022? Time will tell. As of now, my bias remains to the downside.