Stock Market Indicators: Fundamental, Sentiment, & Technical
Yardeni Research, Inc.
September 26, 2021
Dr. Edward Yardeni 516-972-7683 [email protected]
Joe Abbott 732-497-5306 [email protected]
Debbie Johnson 480-664-1333 [email protected]
Mali Quintana 480-664-1333 [email protected]
Please visit our sites at www.yardeni.com blog.yardeni.com
thinking outside the box Table Of Contents TableTable OfOf ContentsContents
Fundamental Stock Market Indicator 1 Global Growth Barometer 2 Economic Surprise Index 3 Investors Intelligence Sentiment 4 Bull/Bear Ratio Over 3.0 5 Bull/Bear Ratio Under 1.0 6 Bull/Bear Ratio Under 1.0 & Over 3.0 7 AAII Sentiment 8 Volatility 9 Volume 10 Dow Theory 11 S&P 500 Moving Averages 12-13 S&P 500 Sectors Stock Price Index & 200-dma 14 S&P 500 Sectors Stock Price Index Minus 200-dma 15 S&P 500 Sectors Stock Price Index Relative to S&P 50016
September 26, 2021 / Fundamental, Sentiment,^& Technical Yardeni Research, Inc. www.yardeni.com Fundamental Stock Market Indicator Figure 1. 850 5000 S&P 500 INDEX & INDUSTRIAL COMMODITY PRICES
9/24 4500 750 S&P 500 Index 4000 CRB Raw Industrials Spot Index 650 3500 9/24
3000 550 2500
450 2000
1500 350 1000
yardeni.com 250 500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: I/B/E/S data by Refinitiv and Commodity Research Bureau.
Figure 2. -100 5000 S&P 500 INDEX & INITIAL UNEMPLOYMENT CLAIMS 300 9/18 700 9/24 4500 1100 4000 1500 S&P 500 Index 1900 3500 2300
2700 3000 3100 Initial Unemployment Claims 3500 (thousands, sa, four-week moving average, 2500 inverted scale) 3900 2000 4300 4700 1500 5100
5500 1000 5900 yardeni.com 6300 500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: US Department of Labor and Standard & Poor’s.
Page 1 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Global Growth Barometer Figure 3. 5000 5000 YRI GLOBAL GROWTH BAROMETER (on S&P 500 basis) & S&P 500
4500 9/24 4500
4000 YRI Global Growth Barometer* (1215.5) 4000 S&P 500 Index (4455.5) 3500 3500
3000 3000
2500 2500
2000 2000
1500 1500 9/24 1000 1000
yardeni.com 500 500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
* Average of Brent crude oil and CRB raw industrials spot price index times 2 and divided by 10. Average then multiplied by 10 and 200 added. Source: Standard & Poor’s and Commodity Research Bureau.
Figure 4. 200 5000 US STOCK PRICES vs. BRENT CRUDE OIL PRICE
175 9/24 4500 S&P 500 Index Brent Crude Oil Price* 4000 150 (dollars per barrel) 3500 125
3000 100 2500
75 9/23 2000
50 1500
25 1000
yardeni.com 0 500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
* Nearby futures price. Source: Financial Times and Standard & Poor’s Corporation.
Page 2 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Economic Surprise Index Figure 5. 1000 400 S&P 500 INDEX vs. CITIGROUP ECONOMIC SURPRISE INDEX (percent) 350 800 300
600 250 200 400 150 9/24 100 200 50 0 0 9/24 -50 -200 -100
-400 -150 -200 -600 S&P 500 minus its 200 day-moving average -250 -300 -800 Economic Surprise Index -350 yardeni.com -1000 -400 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Wall Street Journal and Citigroup.
Figure 6. 25 300 S&P 500 P/E vs. CITIGROUP ECONOMIC SURPRISE INDEX (percent) 250 23 S&P 500 Forward P/E* 200 21 9/16 150
19 100
17 50
0 15 9/24 -50 13 -100 Economic Surprise Index 11 -150
yardeni.com 9 -200 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
* Average weekly price divided by 52-week forward consensus expected operating earnings per share. Source: Standard & Poor’s, I/B/E/S data by Refinitiv, and Citigroup.
Page 3 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Investors Intelligence Sentiment Figure 7. 6 6 INVESTORS INTELLIGENCE BULLS & BEARS 5 5 Ratio Ratio Bull/Bear Sep 7 2.49 Ratio* Sep 14 2.26 4 Sep 21 2.11 4
3 3
2 9/21 2
1 1
0 0 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
80 80 75 Percentage Bulls Bears 75 Sep 7 52.6 21.1 70 Bulls Sep 14 50.0 22.1 70 65 Bears Sep 21 47.1 22.3 65 60 60 55 55 50 50 9/21 45 45 40 40 35 35 30 30 25 25 20 20 15 15 10 10 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
50 50
45 Percentage Correction 45 Correction Sep 7 26.3 40 Sep 14 27.9 40 Sep 21 30.6 35 35
30 9/21 30
25 25
20 20
15 15
10 10 yardeni.com 5 5 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Source: Investors Intelligence.
Page 4 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Bull/Bear Ratio Over 3.0 Figure 8. 5200 5200 4700 4700 S&P 500 INDEX vs. BULL/BEAR RATIO OF 9/24 4200 4200 3700 3.0 OR MORE* 3700 (ratio scale) 3200 3200 2700 2700 2200 2200
1700 1700 yardeni.com 1200 1200
700 700
200 200 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Red shaded areas indicate Bull/Bear Ratio equal to or greater than 3.0. Source: Standard & Poor’s and Investors Intelligence.
Figure 9. 41600 41600 36600 9/24 36600 31600 DOW JONES INDEX vs. BULL/BEAR RATIO OF 31600 3.0 OR MORE* 26600 (ratio scale) 26600 21600 21600
16600 16600
11600 11600 yardeni.com
6600 6600
1600 1600 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Red shaded areas indicates Bull/Bear Ratio equal to or greater than 3.0. Source: Wall Street Journal and Investors Intelligence.
Page 5 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Bull/Bear Ratio Under 1.0 Figure 10. 5200 5200 4700 4700 9/24 4200 S&P 500 INDEX vs BULL/BEAR RATIO 4200 3700 OF 1.0 OR LESS* 3700 3200 (ratio scale) 3200 2700 2700 2200 2200
1700 1700 yardeni.com 1200 1200
700 700
200 200 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Green shaded areas indicate Bull/Bear Ratio equal to or less than 1.0. Source: Standard & Poor’s and Investors Intelligence.
Figure 11. 41600 41600 36600 9/24 36600 31600 DOW JONES INDEX vs. BULL/BEAR RATIO 31600 26600 OF 1.0 OR LESS* 26600 (ratio scale) 21600 21600
16600 16600
11600 11600 yardeni.com
6600 6600
1600 1600 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0. Source: Wall Street Journal and Investors Intelligence.
Page 6 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Bull/Bear Ratio Under 1.0 & Over 3.0 Figure 12. 40 40 S&P 500 % FROM 200-DMA vs. BULL/BEAR RATIO OF 3.0 OR MORE*
20 20
9/24 yardeni.com
0 0
-20 -20
-40 -40 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Red shaded areas indicates Bull/Bear Ratio equal to or more than 3.0. Source: Standard & Poor’s Corporation.
Figure 13. 40 40 S&P 500 % FROM 200-DMA vs. BULL/BEAR RATIO OF 1.0 OR LESS*
20 20
9/24 yardeni.com
0 0
-20 -20
-40 -40 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0. Source: Standard & Poor’s Corporation.
Page 7 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com AAII Sentiment Figure 14. 100 100 AAII SENTIMENT INDEX FOR STOCKS AAII Bull Ratio* (43.3) 75 75
50 50 9/22
25 25
0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
5 5
AAII Bull/Bear Ratio (0.8) 4 4
3 3
2 2
1 1 9/22
0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
80 80 Latest Readings Bulls (29.9) Bulls Bears 70 70 Sep 15 22.5 39.3 Bears (39.2) Sep 22 29.9 39.2 60 60
50 50
40 40
30 9/22 30
20 20
10 10
yardeni.com 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 * AAII Bull Ratio is the percent of bulls over the percent of bulls plus percent of bears. Source: American Association of Individual Investors (AAII).
Page 8 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Volatility Figure 15. 5.5 140 BULL/BEAR RATIO & CONSUMER CONFIDENCE 5.0 Bull/Bear Ratio (4-week average) 4.5 120 Consumer Confidence 4.0 Expectations Index 100 3.5 Aug 3.0 80 2.5 9/21 2.0 60 1.5
1.0 40
.5
yardeni.com .0 20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: New York Board of Trade, Commodity Futures Trading Commission, and the Conference Board.
Figure 16. 90 90 VIX: S&P 500
80 80
70 70
60 60
50 50
40 40
30 30
20 20 9/24
10 10
yardeni.com 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Chicago Board Options Exchange.
Page 9 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Volume Figure 17. 100 100 VIX: NASDAQ 100
80 80
60 60
40 40
20 9/24 20
yardeni.com 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: Chicago Board Options Exchange.
Figure 18. 12 12 NEW YORK STOCK EXCHANGE WEEKLY VOLUME (billion shares, 4-week moving average) 52-week moving average 10 10
8 yardeni.com 8
6 6
9/24
4 4
2 2 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Wall Street Journal and Haver Analytics.
Page 10 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Dow Theory Figure 19. 38000 18000 34000 DOW JONES STOCK AVERAGES 9/24 16000 (ratio scale) 30000 14000 12000 26000 Industrials (DJIA) 10000 22000 Transportation (DJTA)
8000 18000
6000 14000
4000 10000
yardeni.com 6000 2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: The Wall Street Journal.
Figure 20. 6800 1300 S&P 500 STOCK INDEXES 9/24 5800 (ratio scale) 1100
900 4800 Industrials Composite*
700 3800 Transportation Composite
500 2800
300 1800
yardeni.com 800 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
* S&P 500 excluding Financials, Transports, and Utilities. Source: Standard & Poor’s.
Page 11 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com S&P 500 Moving Averages Figure 21. 5000 5000 S&P 500 INDEX: 2008-2020* 4500 9/24 4500 (log scale) 4000 4000 3500 3500
3000 3000
2500 2500
2000 2000
1500 1500
yardeni.com S&P 500 (4455.5) 50-day moving average (4443.6) 1000 200-day moving average (4134.5) 1000
-16.0% -9.8% -7.7% -5.8% -12.4% -10.2% -6.8% (70) (28) (62) (19) (96) (13) (34) -56.8% -19.4% -9.9% -5.8% -7.4% -13.3% -19.8% -33.9% (517) (157) (60) (34) (27) (100) (95) (33) 500 500 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
* Dips are declines of less than 10%. Corrections are declines of 10% to 20%. Bear markets are declines of 20% or more. Number of days in parentheses. Source: Standard & Poor’s Corporation.
Figure 22. 30 30 Latest (7.8) 25 S&P 500 INDEX 25 (as a percent of 200-day moving average) 20 20
15 15
10 10 9/24 5 5
0 yardeni.com 0
-5 -5
-10 -10
-15 -15
-20 -20
-25 -25
-30 -30
-35 -16.0% -9.8% -7.7% -5.8% -12.4% -10.2% -6.8% -9.6% -35 (70) (28) (62) (19) (96) (13) (34) (21) -40 -56.8% -19.4% -9.9% -5.8% -7.4% -13.3% -19.8% -33.9% -40 (517) (157) (60) (34) (27) (100) (95) (33) -45 -45 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Note: Corrections are declines of 10% or more, while minor ones are 5%-10% (all in blues shades). Bear markets are declines of 20% or more (in red shades). Number of calendar days in parentheses. Source: Standard & Poor’s.
Page 12 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com S&P 500 Moving Averages Figure 23. 5100 5100 S&P 500 INDEX* 4600 9/24 4600 4100 4100 3600 Latest price: 4455.48 3600 50-dma: 4443.60 3100 200-dma: 4134.50 3100
2600 2600
2100 2100
1600 1600
1100 1100
(+) Latest price is 0.3% above the 50-dma. (+) Latest price is 7.2% above the 200-dma.
yardeni.com 600 600 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
* Ratio Scale Source: Standard & Poor’s.
Figure 24. 25 25 S&P 500 INDEX TECHNICALS THE DEATH CROSS & THE GOLDEN CROSS 20 20 (50-dma relative to 200-dma, percent, weekly)
15 15
10 10 9/24 5 5
0 0
-5 -5
-10 -10
-15 -15
-20 (7.5) -20
-25 -25
yardeni.com -30 -30 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
Source: Haver Analytics and Standard & Poor’s Corporation.
Page 13 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com S&P 500 Sectors Stock Price Index & 200-dma Figure 25. 5400 2225 4600 9/24 1825 3800 S&P 500* HEALTH CARE 9/24 1425 3000 (price indexes) 1025 2200 625 1400
600 225 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 325 1125 275 COMMUNICATION SERVICES 9/24 INDUSTRIALS 9/24 925 725 225 525 175 325 125
75 125 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1900 3675 9/24 9/24 2975 1300 CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY 2275 1575 700 875
100 175 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 925 600 800 CONSUMER STAPLES 9/24 MATERIALS 9/24 500 675 400 550 300 425 200 300
175 100 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1150 340 950 9/24 290 ENERGY REAL ESTATE 240 750 190 550 140 9/24 350 90
150 40 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1075 400 875 FINANCIALS UTILITIES 9/24 675 9/24 325 475 250 275 175 Includes Real Estate through September 2016 yardeni.com 75 100 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
200-day moving average * S&P 500 sector price indexes on ratio scales. Source: Haver Analytics and Standard & Poor’s Corporation.
Page 14 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com S&P 500 Sectors Stock Price Index Minus 200-dma Figure 26. 80 45 60 S&P 500 HEALTH CARE 30 40 (price index as percentage of 200-dma) 20 15 9/24 9/24 0 0 -20 -15 -40 % from 200-dma (7.8) (7.6) -60 -30 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 40 60 COMMUNICATION SERVICES INDUSTRIALS 40 20 9/24 20 0 9/24 0 -20 -20 (2.6) -40 (10.1) -40 -60 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 60 60 40 CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY 40 20 20 9/24 9/24 0 0 -20 -20 -40 (6.2) (10.9) -40 -60 -60 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 30 60 CONSUMER STAPLES MATERIALS 40 15 20 9/24 0 9/24 0 -20 -15 (3.7) -40 (0.7) -30 -60 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 60 75 45 ENERGY REAL ESTATE 50 30 15 25 0 9/24 9/24 0 -15 -30 -25 -45 (5.7) (9.6) -50 -60 -75 -75 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 80 40 60 FINANCIALS UTILITIES 40 20 20 9/24 0 9/24 0 -20 -40 Includes Real Estate -20 through September 2016 -60 (0.9) (9.4) yardeni.com -80 -40 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Source: Standard & Poor’s.
Page 15 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com S&P 500 Sectors Stock Price Index Relative to S&P 500 Figure 27. .40 .26 CONSUMER DISCRETIONARY INDUSTRIALS .35 (as a ratio of S&P 500 Index) .24 9/24 .30 .22
.25 .20 9/24 .20 .18
.15 .16 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
.35 .65 CONSUMER STAPLES INFORMATION TECHNOLOGY 9/24 .60 .30 .55 .50 .45 .25 .40 .35 .20 .30 9/24 .25 .15 .20 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
.6 .25 ENERGY MATERIALS .5 .4 .20 .3 .2 .15
.1 9/24 9/24 .0 .10 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
.4 .16 FINANCIALS COMMUNICATION SERVICES .14 .3 .12 .10 .2 .08
9/24 9/24 .06 .1 .04 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
.45 .20 HEALTH CARE UTILITIES .18 .40 .16 .14 .35 9/24 .12
.30 .10 .08 yardeni.com 9/24 .25 .06 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Source: Haver Analytics and Standard & Poor’s Corporation.
Page 16 / September 26, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. www.yardeni.com Copyright (c) Yardeni Research, Inc. 2021. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports and podcasts posted on www.yardeni.com, blog.yardeni.comhttp://blog.yardeni.com, and YRI’s Apps are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company’s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments.
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