The global market selloff of recent weeks showed a strong reversal over the past week. Our eight-index world watch list posted an aggregate gain of 4.51%, a welcome reversal of the -4.29% selloff the previous week. Even the worst performer, the S&P 500, posted a 2.79% advance. Japan’s Nikkei had the best week, up 6.79%.

Here is an overlay of the eight illustrating their comparative performance so far in 2016.

Here is a table of the 2016 performance, sorted from high to low, along with the interim highs for the eight indexes. The top performing FTSE 100 is down only 4.68%, with the S&P 500 in second at -6.22%. The Shanghai Composite is the worst YTD performer, down 19.19% at the end of the seventh week of 2016 trading. Despite its stellar gain over the past week Japan’s Nikkei is second from the bottom with its YTD loss of 16.11%.

A Closer Look at the Last Four Weeks

The tables below provide a concise overview of performance comparisons over the past four weeks for these eight major indexes. We’ve also included the average for each week so that we can evaluate the performance of a specific index relative to the overall mean and better understand weekly volatility. The colors for each index name help us visualize the comparative performance over time.

The Global Bear Market Perspective

The column chart illustrates the maximum declines of our watch list indexes along with the most recent percent off their respective all-time or interim highs. So far this year, seven of the eight have had a maximum decline greater than 20%, the S&P 500 being the exception. As of Friday’s close, the number has dropped to five. The FTSE 100 and CAC 40 (barely) have rallied above the traditional -20% bear-market boundary.

A Longer Perspective

The chart below illustrates the comparative performance of World Markets since March 9, 2009. The start date is arbitrary: The S&P 500, CAC 40 and BSE SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAX on March 6th, the FTSE on March 3rd, the Shanghai Composite on November 4, 2008, and the Hang Seng even earlier on October 27, 2008. However, by aligning on the same day and measuring the percent change, we get a better sense of the relative performance than if we align the lows.