fundamental, sentiment,^& technical

19
Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc. November 7, 2021 Dr. Edward Yardeni 516-972-7683 [email protected] Joe Abbott 480-664-1333 [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

Upload: others

Post on 08-Nov-2021

3 views

Category:

Documents


1 download

TRANSCRIPT

Stock Market Indicators:Fundamental, Sentiment,

& TechnicalYardeni Research, Inc.

November 7, 2021

Dr. Edward Yardeni516-972-7683

[email protected]

Joe Abbott480-664-1333

[email protected]

Debbie Johnson480-664-1333

[email protected]

Mali Quintana480-664-1333

[email protected]

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

[email protected]

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.