For those who haven't caught my previous posts on the uses of minimum spanning trees, you can try one of these introductory posts on the overall market minimum spanning tree or previous MSCI market minimum spanning trees.

    Note how the role of the S&P is dramatically different when comparing this structure over the last week to the past month.  This week's credit stress and capital outflow in US markets over the past week has brought divergence to the global market correlation we've seen YTD through the bull run, and it'll be interesting to watch for this market structure to return, even if actual performance and liquidity do not return to prior levels.

Week MSCI MST

Month MSCI MST