fundamental, sentiment,^& technical
TRANSCRIPT
Stock Market Indicators:Fundamental, Sentiment,
& TechnicalYardeni Research, Inc.
November 7, 2021
Dr. Edward Yardeni516-972-7683
Joe Abbott480-664-1333
Debbie Johnson480-664-1333
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
November 7, 2021 / Fundamental, Sentiment,^& Technical www.yardeni.com
Yardeni Research, Inc.
Fundamental Stock Market Indicator 1Global Growth Barometer 2Economic Surprise Index 3Investors Intelligence Sentiment 4Bull/Bear Ratio Over 3.0 5Bull/Bear Ratio Under 1.0 6Bull/Bear Ratio Under 1.0 & Over 3.0 7AAII Sentiment 8Volatility 9Volume 10Dow Theory 11S&P 500 Moving Averages 12-13S&P 500 Sectors Stock Price Index & 200-dma 14S&P 500 Sectors Stock Price Index Minus 200-dma 15S&P 500 Sectors Stock Price Index Relative to S&P 50016
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024500
1000
1500
2000
2500
3000
3500
4000
4500
5000
250
350
450
550
650
750
850
11/5
11/5S&P 500 INDEX & INDUSTRIAL COMMODITY PRICES
S&P 500 Index
CRB Raw IndustrialsSpot Index
Source: I/B/E/S data by Refinitiv and Commodity Research Bureau.
yardeni.com
Figure 1.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024500
1000
1500
2000
2500
3000
3500
4000
4500
5000
6300
5900
5500
5100
4700
4300
3900
3500
3100
2700
2300
1900
1500
1100
700
300
-100
10/3011/5S&P 500 INDEX & INITIAL UNEMPLOYMENT CLAIMS
Initial Unemployment Claims(thousands, sa, four-week moving average,inverted scale)
S&P 500 Index
Source: US Department of Labor and Standard & Poor’s.
yardeni.com
Figure 2.
Fundamental Stock Market Indicator
Page 1 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024500
1000
1500
2000
2500
3000
3500
4000
4500
5000
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
11/5
11/5YRI GLOBAL GROWTH BAROMETER (on S&P 500 basis) & S&P 500
YRI Global Growth Barometer* (1262.8)
S&P 500 Index (4697.5)
* 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.
yardeni.com
Figure 3.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
25
50
75
100
125
150
175
200
11/4
11/5US STOCK PRICES vs. BRENT CRUDE OIL PRICE
S&P 500 Index
Brent Crude Oil Price*(dollars per barrel)
Source: Financial Times and Standard & Poor’s Corporation.* Nearby futures price.
yardeni.com
Figure 4.
Global Growth Barometer
Page 2 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024-400
-350
-300
-250
-200
-150
-100
-50
0
50
100
150
200
250
300
350
400
-1000
-800
-600
-400
-200
0
200
400
600
800
1000
11/5
11/5
S&P 500 INDEX vs. CITIGROUP ECONOMIC SURPRISE INDEX(percent)
S&P 500 minus its200 day-moving average
Economic Surprise Indexyardeni.com
Source: Wall Street Journal and Citigroup.
Figure 5.
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024-200
-150
-100
-50
0
50
100
150
200
250
300
9
11
13
15
17
19
21
23
25
10/28
11/5
S&P 500 P/E vs. CITIGROUP ECONOMIC SURPRISE INDEX(percent)
Economic Surprise Index
S&P 500 Forward P/E*
yardeni.com
Source: Standard & Poor’s, I/B/E/S data by Refinitiv, and Citigroup.* Average weekly price divided by 52-week forward consensus expected operating earnings per share.
Figure 6.
Economic Surprise Index
Page 3 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
Figure 7.
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 22 230
1
2
3
4
5
6
0
1
2
3
4
5
6
INVESTORS INTELLIGENCE BULLS & BEARS
11/2
Ratio Oct 19 1.81 Oct 26 2.05 Nov 2 2.24
11/2
RatioBull/BearRatio*
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 2310
15
20
25
30
35
40
45
50
55
60
65
70
75
80
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
Bulls Bears Oct 19 43.2 23.9 Oct 26 48.9 23.8 Nov 2 54.0 24.1
11/2
PercentageBullsBears
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 22 235
10
15
20
25
30
35
40
45
50
5
10
15
20
25
30
35
40
45
50
Correction Oct 19 32.9 Oct 26 27.3 Nov 2 21.9
11/2
PercentageCorrection
yardeni.com
Source: Investors Intelligence.
Investors Intelligence Sentiment
Page 4 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
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 23200
700
1200
1700
2200
2700
3200
3700420047005200
200
700
1200
1700
2200
2700
3200
3700420047005200
S&P 500 INDEX vs. BULL/BEAR RATIO OF3.0 OR MORE*
(ratio scale)
11/5
yardeni.com
* Red shaded areas indicate Bull/Bear Ratio equal to or greater than 3.0.Source: Standard & Poor’s and Investors Intelligence.
Figure 8.
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 231600
6600
11600
16600
21600
26600
31600
3660041600
1600
6600
11600
16600
21600
26600
31600
3660041600
DOW JONES INDEX vs. BULL/BEAR RATIO OF3.0 OR MORE*
(ratio scale)
11/5
yardeni.com
* Red shaded areas indicates Bull/Bear Ratio equal to or greater than 3.0.Source: Wall Street Journal and Investors Intelligence.
Figure 9.
Bull/Bear Ratio Over 3.0
Page 5 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
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 23200
700
1200
1700
2200
2700
3200
3700420047005200
200
700
1200
1700
2200
2700
3200
3700420047005200
S&P 500 INDEX vs BULL/BEAR RATIOOF 1.0 OR LESS*
(ratio scale)
11/5
yardeni.com
* Green shaded areas indicate Bull/Bear Ratio equal to or less than 1.0.Source: Standard & Poor’s and Investors Intelligence.
Figure 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 231600
6600
11600
16600
21600
26600
31600
3660041600
1600
6600
11600
16600
21600
26600
31600
3660041600
DOW JONES INDEX vs. BULL/BEAR RATIOOF 1.0 OR LESS*
(ratio scale)
11/5
yardeni.com
* Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0.Source: Wall Street Journal and Investors Intelligence.
Figure 11.
Bull/Bear Ratio Under 1.0
Page 6 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
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 23-40
-20
0
20
40
-40
-20
0
20
40
S&P 500 % FROM 200-DMAvs.
BULL/BEAR RATIO OF 3.0 OR MORE*
11/5
* Red shaded areas indicates Bull/Bear Ratio equal to or more than 3.0.Source: Standard & Poor’s Corporation.
yardeni.com
Figure 12.
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 23-40
-20
0
20
40
-40
-20
0
20
40
S&P 500 % FROM 200-DMAvs.
BULL/BEAR RATIO OF 1.0 OR LESS*
11/5
* Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0.Source: Standard & Poor’s Corporation.
yardeni.com
Figure 13.
Bull/Bear Ratio Under 1.0 & Over 3.0
Page 7 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
Figure 14.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
25
50
75
100
0
25
50
75
100
AAII SENTIMENT INDEX FOR STOCKS
11/3
AAII Bull Ratio* (61.5)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
1
2
3
4
5
0
1
2
3
4
5
11/3
AAII Bull/Bear Ratio (1.6)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80 Latest Readings Bulls Bears Oct 27 39.8 29.4 Nov 3 41.5 26.0
11/3
Bulls (41.5)
Bears (26.0)
* AAII Bull Ratio is the percent of bulls over the percent of bulls plus percent of bears. Source: American Association of Individual Investors (AAII).
yardeni.com
AAII Sentiment
Page 8 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202420
40
60
80
100
120
140
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
11/2
Oct
BULL/BEAR RATIO & CONSUMER CONFIDENCE
Bull/Bear Ratio(4-week average)
Consumer ConfidenceExpectations Index
yardeni.com
Source: New York Board of Trade, Commodity Futures Trading Commission, and the Conference Board.
Figure 15.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20240
10
20
30
40
50
60
70
80
90
0
10
20
30
40
50
60
70
80
90
11/5
VIX: S&P 500
Source: Chicago Board Options Exchange.
yardeni.com
Figure 16.
Volatility
Page 9 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220
20
40
60
80
100
0
20
40
60
80
100
11/5
VIX: NASDAQ 100
Source: Chicago Board Options Exchange.
yardeni.com
Figure 17.
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 20242
4
6
8
10
12
2
4
6
8
10
12
11/5
NEW YORK STOCK EXCHANGE WEEKLY VOLUME(billion shares, 4-week moving average)
52-week moving average
Source: Wall Street Journal and Haver Analytics.
yardeni.com
Figure 18.
Volume
Page 10 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222000
4000
6000
8000
10000
12000
14000
16000
18000
6000
10000
14000
18000
22000
26000
30000
34000
38000
DOW JONES STOCK AVERAGES(ratio scale)
11/5
Industrials (DJIA)
Transportation (DJTA)
Source: The Wall Street Journal.
yardeni.com
Figure 19.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024100
300
500
700
900
1100
1300
800
1800
2800
3800
4800
5800
6800 11/5S&P 500 STOCK INDEXES(ratio scale)
Industrials Composite*
Transportation Composite
* S&P 500 excluding Financials, Transports, and Utilities.Source: Standard & Poor’s.
yardeni.com
Figure 20.
Dow Theory
Page 11 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022500
1000
1500
2000
2500
3000
3500
4000
4500
5000
500
1000
1500
2000
2500
3000
3500
4000
4500
500011/5
-56.8% (517)
-16.0% (70)
-19.4% (157)
-9.8% (28)
-9.9% (60)
-7.7% (62)
-5.8% (34)
-5.8% (19)
-7.4% (27)
-12.4% (96)
-13.3% (100)
-10.2% (13)
-19.8% (95)
-6.8% (34)
-9.6% (21)
-5.2% (32)
-33.9% (33)
* 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.
S&P 500 INDEX: 2008-2020*(log scale)
S&P 500 (4697.5)
200-day moving average (4241.4)
50-day moving average (4478.0)
Source: Standard & Poor’s Corporation.
yard
eni.c
om
Figure 21.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-45
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
S&P 500 INDEX(as a percent of 200-day moving average)
11/5
Latest (10.8)
-56.8% (517)
-16.0% (70)
-19.4% (157)
-9.8% (28)
-9.9% (60)
-7.7% (62)
-5.8% (34)
-5.8% (19)
-7.4% (27)
-12.4% (96)
-13.3% (100)
-10.2% (13)
-19.8% (95)
-6.8% (34)
-33.9% (33)
-9.6% (21)
-5.2% (32)
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.
yardeni.com
Figure 22.
S&P 500 Moving Averages
Page 12 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024600
1100
1600
2100
2600
3100
3600
4100
4600
5100
600
1100
1600
2100
2600
3100
3600
4100
4600
510011/5S&P 500 INDEX*
Latest price: 4697.5350-dma: 4478.01200-dma: 4241.43
* Ratio ScaleSource: Standard & Poor’s.
(+) Latest price is 4.7% above the 50-dma.(+) Latest price is 9.7% above the 200-dma.
yardeni.com
Figure 23.
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 25-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
11/5
S&P 500 INDEX TECHNICALSTHE DEATH CROSS & THE GOLDEN CROSS(50-dma relative to 200-dma, percent, weekly)
(5.6)
Source: Haver Analytics and Standard & Poor’s Corporation.
yardeni.com
Figure 24.
S&P 500 Moving Averages
Page 13 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
Figure 25.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24600
1400
2200
3000380046005400
11/5S&P 500*
(price indexes)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24225
625
1025
142518252225
11/5HEALTH CARE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2475
125
175
225
275325
11/5COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24125
325
525
7259251125
11/5INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24100
700
13001900 11/5
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24175
875
1575227529753675
11/5INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24175
300
425
550675800925
11/5CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24100
200
300
40050060011/5
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24150
350
550
750950
1150
11/5
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2440
90
140
190240290340
11/5REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2475
275
475
675875
1075
11/5FINANCIALS
Includes Real Estatethrough September 2016
Source: Haver Analytics and Standard & Poor’s Corporation.
200-day moving average* S&P 500 sector price indexes on ratio scales.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24100
175
250
325
40011/5UTILITIES
yardeni.com
S&P 500 Sectors Stock Price Index & 200-dma
Page 14 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
Figure 26.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-60
-40
-20
0
20
40
60
80
S&P 500(price index as percentage of 200-dma)
11/5
% from 200-dma (10.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-15
0
15
30
45
HEALTH CARE
11/5
(6.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-20
0
20
40
COMMUNICATION SERVICES
11/5
(7.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-60
-40
-20
0
20
40
60
INDUSTRIALS
11/5
(5.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-60
-40
-20
0
20
40
60
CONSUMER DISCRETIONARY
11/5
(17.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-60
-40
-20
0
20
40
60
INFORMATION TECHNOLOGY
11/5
(14.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-15
0
15
30
CONSUMER STAPLES
11/5
(5.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-60
-40
-20
0
20
40
60
MATERIALS
11/5
(7.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-75-60-45-30-15
015304560
ENERGY
11/5
(15.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-75
-50
-25
0
25
50
75
REAL ESTATE
11/5
(10.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-80-60-40-20
020406080
FINANCIALS
11/5
Source: Standard & Poor’s.
Includes Real Estatethrough September 2016
(9.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-20
0
20
40
UTILITIES
11/5
(3.2)yardeni.com
S&P 500 Sectors Stock Price Index Minus 200-dma
Page 15 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
Figure 27.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.15
.20
.25
.30
.35
.40
11/5CONSUMER DISCRETIONARY(as a ratio of S&P 500 Index)
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.16
.18
.20
.22
.24
.26
11/5
INDUSTRIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.15
.20
.25
.30
.35
11/5
CONSUMER STAPLES
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.20.25.30.35.40.45.50.55.60.65
11/5INFORMATION TECHNOLOGY
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.0
.1
.2
.3
.4
.5
.6
11/5
ENERGY
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.10
.15
.20
.25
11/5
MATERIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.1
.2
.3
.4
11/5
FINANCIALS
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.04
.06
.08
.10
.12
.14
.16
11/5
COMMUNICATION SERVICES
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.25
.30
.35
.40
.45
11/5
HEALTH CARE
Source: Haver Analytics and Standard & Poor’s Corporation.
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24.06
.08
.10
.12
.14
.16
.18
.20
11/5
UTILITIES
yardeni.com
S&P 500 Sectors Stock Price Index Relative to S&P 500
Page 16 / November 7, 2021 / Stock Market Indicators: Fundamental, Sentiment, & Technical www.yardeni.com
Yardeni Research, Inc.
http://blog.yardeni.com
http://blog.yardeni.com
Copyright (c) Yardeni Research, Inc. 2021. All rights reserved. The informationcontained herein has been obtained from sources believed to be reliable, but is notnecessarily complete and its accuracy cannot be guaranteed. No representation orwarranty, express or implied, is made as to the fairness, accuracy, completeness, orcorrectness of the information and opinions contained herein. The views and the otherinformation provided are subject to change without notice. All reports and podcasts posted onwww.yardeni.com, blog.yardeni.com, and YRI’s Apps are issuedwithout regard to the specific investment objectives, financial situation, or particular needsof any specific recipient and are not to be construed as a solicitation or an offer to buy or sellany securities or related financial instruments. Past performance is not necessarily a guideto future results. Company fundamentals and earnings may be mentioned occasionally, butshould 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 asrecommendations to buy, sell, or hold any security--including mutual funds, futurescontracts, and exchange traded funds, or any similar instruments.
The text, images, and other materials contained or displayed on any Yardeni Research, Inc.product, service, report, email or website are proprietary to Yardeni Research, Inc. andconstitute valuable intellectual property. No material from any part of www.yardeni.com, blog.yardeni.com, and YRI’s Apps may be downloaded, transmitted,broadcast, transferred, assigned, reproduced or in any other way used or otherwisedisseminated in any form to any person or entity, without the explicit written consent ofYardeni Research, Inc. All unauthorized reproduction or other use of material from YardeniResearch, Inc. shall be deemed willful infringement(s) of this copyright and other proprietaryand intellectual property rights, including but not limited to, rights of privacy. YardeniResearch, Inc. expressly reserves all rights in connection with its intellectual property,including without limitation the right to block the transfer of its products and services and/orto track usage thereof, through electronic tracking technology, and all other lawful means,now known or hereafter devised. Yardeni Research, Inc. reserves the right, without furthernotice, to pursue to the fullest extent allowed by the law any and all criminal and civilremedies for the violation of its rights.
The recipient should check any email and any attachments for the presence of viruses.Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmittedby this company’s emails, website, blog and Apps. Additional information available onrequest.