Stock Market Indicators:

Fundamental, Sentiment,
& Technical
Yardeni Research, Inc.

June 3, 2018

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

Joe Abbott
732-497-5306
jabbott@yardeni.com

Debbie Johnson
480-664-1333
djohnson@yardeni.com

Mali Quintana
480-664-1333
aquintana@yardeni.com

Please visit our sites at

www.yardeni.com
blog.yardeni.com

thinking outside the box

Table Of Contents Table Of Contents
Fundamental Stock Market Indicator 1-2
Global Growth Barometer 3
Economic Surprise Index 4
Investors Intelligence Sentiment 5
Bull/Bear Ratio Over 3.0 6
Bull/Bear Ratio Under 1.0 7
Bull/Bear Ratio Under 1.0 & Over 3.0 8
AAII Sentiment 9
Bull/Bear Ratio vs. Consumer Confidence 10
S&P 500 Put Call Ratio 11
Volatility 12
Volume 13
Dow Theory 14
S&P 500 Moving Averages 15-16
S&P 500 Sectors Stock Price Index & 200-dma 17
S&P 500 Sectors Stock Price Index Minus 200-dma 18
S&P 500 Sectors Stock Price Index Relative to S&P 50019

June 3, 2018 / Stock Market Sentiment & Technical Indicators Yardeni Research, Inc.
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 Fundamental Stock Market Indicator
Figure 1.
3000 160
YRI FUNDAMENTAL STOCK MARKET INDICATOR and S&P 500 INDEX
2800
5/19
2600 YRI Fundamental Stock 140
Market Indicator*
2400

2200 S&P 500 Index 120

2000

1800 100

1600

1400 80

1200

1000 60

800

600 40

400
yardeni.com
200 20
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

* Average of Consumer Comfort Index and Boom-Bust Barometer, which is CRB raw industrials spot price index divided by initial unemployment claims,
four-week moving average.
Source: Bloomberg, Commodity Research Bureau, Department of Labor, and Standard & Poor’s Corporation.

Figure 2.
70 250
YRI BOOM-BUST BAROMETER & CONSUMER COMFORT INDEX 240
5/26
230
Boom-Bust Barometer* 220
60 210
Consumer Comfort Index 200
5/19 190
180
170
50
160
150
140
130
40
120
110
100
90
30 80
70
60
50
yardeni.com
20 40
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* CRB raw industrials spot price index divided by initial unemployment claims, four-week moving average.
Source: Bloomberg, Commodity Research Bureau, Department of Labor.

Page 1 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 Fundamental Stock Market Indicator
Figure 3.
850 3000
S&P 500 INDEX & INDUSTRIAL COMMODITY PRICES
2800
6/1
750 S&P 500 Index 2600

CRB Raw Industrials 2400

Spot Index
650 2200

2000

550 1800
6/1
1600

450 1400

1200

350 1000

800
yardeni.com
250 600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Thomson Reuters I/B/E/S and Commodity Research Bureau.

Figure 4.
100 3000
S&P 500 INDEX & INITIAL UNEMPLOYMENT CLAIMS
2800
6/1
S&P 500 Index
200 2600
Initial Unemployment Claims 5/26
(thousands, sa, four-week moving average, 2400
inverted scale)
300 2200

2000

400 1800

1600

500 1400

1200

600 1000

800
yardeni.com
700 600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: US Department of Labor and Standard & Poor’s.

Page 2 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 Global Growth Barometer
Figure 5.
3050 3050
YRI GLOBAL GROWTH BAROMETER (on S&P 500 basis) & S&P 500

6/1
2650 2650
YRI Global Growth Barometer* (1106.4)
S&P 500 Index (2734.6)
2250 2250

1850 1850

1450 1450

6/1
1050 1050

yardeni.com
650 650
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* 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 Corporation and Commodity Research Bureau.

Figure 6.
200 3000
US STOCK PRICES vs. BRENT CRUDE OIL PRICE
2800
6/1
175
2600

2400
150
2200

125 2000

1800

100 1600

1400
75 5/31
S&P 500 Index
1200
Brent Crude Oil Price*
(dollars per barrel) 1000
50
800
yardeni.com
25 600
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* Nearby futures price.

Source: Financial Times and Standard & Poor’s Corporation.

Page 3 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 Economic Surprise Index
Figure 7.
600 150
S&P 500 INDEX vs. CITIGROUP ECONOMIC SURPRISE INDEX
(percent)

400 100

200 50

6/1
0 0

-200 -50

S&P 500 minus its

-400 200 day-moving average -100

Economic Surprise Index

yardeni.com
-600 -150
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Wall Street Journal and Citigroup.

Figure 8.
19 150
S&P 500 P/E vs. CITIGROUP ECONOMIC SURPRISE INDEX
(percent)
100
17

5/24
50

15 6/1
0

-50
13

-100
S&P 500 Forward P/E*
11
Economic Surprise Index -150

yardeni.com
9 -200
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* Average weekly price divided by 52-week forward consensus expected operating earnings per share.
Source: Standard & Poor’s, Thomson Reuters I/B/E/S, and Citigroup.

Page 4 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 Investors Intelligence Sentiment
Figure 9.
6 6
INVESTORS INTELLIGENCE BULLS & BEARS

5 5
Ratio Ratio
Bull/Bear May 15 2.40
Ratio* May 22 2.56
4 May 29 2.60 4

3 3
5/29

2 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

80 80
Percentage Bulls Bears
May 15 46.6 19.4
70 Bulls May 22 49.1 19.2 70
Bears May 29 50.0 19.2
60 60

50 5/29 50

40 40

30 30

20 20

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

50 50

45 Percentage Correction 45
Correction Camp May 15 34.0
40 May 22 31.7 40
May 29 30.8
35 35

30 5/29 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
Source: Investors Intelligence.

Page 5 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 Bull/Bear Ratio Over 3.0
Figure 10.
3400 3400
3000 3000
S&P 500 INDEX vs. BULL/BEAR RATIO OF 6/1
2600 2600
3.0 OR MORE*
2200 (ratio scale) 2200

1800 1800

1400 1400

yardeni.com
1000 1000

600 600

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

* Red shaded areas indicate Bull/Bear Ratio equal to or greater than 3.0.
Source: Standard & Poor’s and Investors Intelligence.

Figure 11.
31600 31600
26600 DOW JONES INDEX vs. BULL/BEAR RATIO OF 26600
6/1
21600 3.0 OR MORE* 21600
(ratio scale)
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

* Red shaded areas indicates Bull/Bear Ratio equal to or greater than 3.0.
Source: Wall Street Journal and Investors Intelligence.

Page 6 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 Bull/Bear Ratio Under 1.0
Figure 12.
3400 3400
3000 3000
2600 S&P 500 INDEX vs BULL/BEAR RATIO 6/1
2600
OF 1.0 OR LESS*
2200 (ratio scale) 2200

1800 1800

1400 1400

yardeni.com
1000 1000

600 600

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

* Green shaded areas indicate Bull/Bear Ratio equal to or less than 1.0.
Source: Standard & Poor’s and Investors Intelligence.

Figure 13.
31600 31600
26600 26600
6/1
DOW JONES INDEX vs. BULL/BEAR RATIO
21600 OF 1.0 OR LESS* 21600
(ratio scale)
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

* Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0.
Source: Wall Street Journal and Investors Intelligence.

Page 7 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 Bull/Bear Ratio Under 1.0 & Over 3.0
Figure 14.
40 40
S&P 500 % FROM 200-DMA
vs.
BULL/BEAR RATIO OF 3.0 OR MORE*

20 20

yardeni.com
6/1
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

* Red shaded areas indicates Bull/Bear Ratio equal to or more than 3.0.
Source: Standard & Poor’s Corporation.

Figure 15.
40 40
S&P 500 % FROM 200-DMA
vs.
BULL/BEAR RATIO OF 1.0 OR LESS*

20 20

yardeni.com
6/1
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

* Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0.
Source: Standard & Poor’s Corporation.

Page 8 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 AAII Sentiment
Figure 16.
100 100
AAII SENTIMENT INDEX FOR STOCKS

AAII Bull Ratio*

75 75

5/30
50 50

25 25

0 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

5 5

4 4

AAII Bull/Bear Ratio

3 3

2 2

5/30
1 1

0 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

80 80

70
Bulls 70
Bears
60 60

50 50

40 40
5/30
30 30

20 20
Latest Readings
Bulls Bears
10 May 23 38.6 25.2 10
May 30 35.0 26.4
yardeni.com
0 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
* 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 9 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 Bull/Bear Ratio vs. Consumer Confidence
Figure 17.
5.5 140
BULL/BEAR RATIO & CONSUMER CONFIDENCE
5.0
Bull/Bear Ratio
4.5 (4-week average) 120

4.0 Consumer Confidence May

Expectations Index 100
3.5

3.0
80
2.5 5/29

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

Source: New York Board of Trade, Commodity Futures Trading Commission, and the Conference Board.

Figure 18.
5.5 70
BULL/BEAR RATIO & CONSUMER COMFORT INDEX
5.0
Bull/Bear Ratio
4.5 (4-week average)
60

4.0 Consumer Comfort Index 5/19

3.5
50
3.0

2.5 5/29
40
2.0

1.5

30
1.0

.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

Source: New York Board of Trade, Commodity Futures Trading Commission, and Bloomberg.

Page 10 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 S&P 500 Put Call Ratio
Figure 19.
3.75 3.75
S&P 500 PUT/CALL
3.50 (weekly data) 3.50

3.25 3.25

3.00 3.00

2.75 2.75

2.50 2.50

2.25 2.25

2.00 2.00
6/1
1.75 1.75

1.50 1.50

1.25 1.25

1.00 1.00
Average = 1.616
.75 (1996-2010) .75
yardeni.com
.50 .50
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Chicago Board of Options Exchange.

Figure 20.
2.50 2.50
S&P 500 PUT/CALL
(4-week ma)
2.25 2.25

2.00 2.00

1.75 1.75
6/1

1.50 1.50

1.25 1.25
Average = 1.624
(1996-2010)
1.00 1.00

yardeni.com
.75 .75
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Chicago Board of Options Exchange.

Page 11 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 Volatility
Figure 21.
90 90
VIX: S&P 500

80 80

70 70

60 60

50 50

40 40

30 30

20 20

6/1
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

Source: Chicago Board Options Exchange.

Figure 22.
100 100
VIX: NASDAQ 100

80 80

60 60

40 40

20 20
6/1

yardeni.com
0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Chicago Board Options Exchange.

Page 12 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 Volume
Figure 23.
12 12
NEW YORK STOCK EXCHANGE WEEKLY VOLUME
(billion shares, 4-week moving average)

52-week moving average

10 10

8 8

yardeni.com
6 6

4 6/1 4

2 2
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Wall Street Journal and Haver Analytics.

Page 13 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 Dow Theory
Figure 24.
27000 12500
DOW JONES STOCK AVERAGES
(ratio scale) 6/1 11000
24000
Industrials (DJIA)
9500
21000
Transportation (DJTA)
8000
18000

6500
15000

5000
12000

3500
9000

yardeni.com
6000 2000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: The Wall Street Journal.

Figure 25.
4000 1000
S&P 500 STOCK INDEXES
6/1
3600 (ratio scale) 850

3200
Industrials Composite* 700

2800
Transportation Composite 550
2400

400
2000

1600
250

1200

yardeni.com
800 100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* S&P 500 excluding Financials, Transports, and Utilities.

Source: Standard & Poor’s.

Page 14 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 S&P 500 Moving Averages
Figure 26.
3000 3000
2800 S&P 500 INDEX: 2008-2017* 2800
(log scale) 6/1
2600 2600
2400 -56.8% -16.0% -19.4% -9.8%-9.9% -7.7% -7.4% -12.4% 2400
(510) (69) (154) (27) (59) (61) (27) (94)
2200 2200
2000 2000

1800 1800

1600 1600

1400 1400

1200 1200

1000 1000
S&P 500 (2734.62)

50-day moving average (2672.85)

800 800
200-day moving average (2639.25)

yardeni.com
600 600
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* 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 27.
30 30
S&P 500 INDEX
25 (as a percent of 200-day moving average) 25

20 20

15 15

10 10

5 5
6/1
0 0

-5 -5

-10 -10

-15 -15

-20 -20

-25 -25

-30 -30

-35 % from 200-day moving average (3.3) -35

-40 -40
yardeni.com
-45 -45
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Standard & Poor’s.

Page 15 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
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 S&P 500 Moving Averages
Figure 28.
3400 3400
S&P 500 INDEX*
3000 3000
6/1
2600 Latest price: 2734.62 2600
50-dma: 2675.46
2200
200-dma: 2648.15 2200

1800 1800

1400 1400

1000 1000

(+) Latest price is 2.2% above the 50-dma.

(+) Latest price is 3.2% above the 200-dma.

yardeni.com
600 600
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* Ratio Scale
Source: Standard & Poor’s.

Figure 29.
25 25
S&P 500 INDEX TECHNICALS
20
THE DEATH CROSS & THE GOLDEN CROSS 20
(50-dma relative to 200-dma, percent, weekly)
15 15

10 10

5 5

6/1
0 0

-5 -5

-10 -10

-15 -15

-20 (1.1) -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

Source: Haver Analytics and Standard & Poor’s Corporation.

Page 16 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Sectors Stock Price Index & 200-dma
Figure 30.
3600 875
3000 S&P 500* INDUSTRIALS 725
6/1 6/1
2400 (price indexes) 575
1800 425

1200 275

600 125
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
1100 1775
850 CONSUMER DISCRETIONARY* 6/1 INFORMATION TECHNOLOGY 1375
6/1
600 975

350 575

100 175
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
675 500
575 CONSUMER STAPLES MATERIALS 400
6/1 6/1
475
300
375
200
275

175 100
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
900 290
ENERGY REAL ESTATE 240
750 6/1 190
600 140
6/1

450 90

300 40
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
825 235
675 FINANCIALS TELECOMMUNICATION SERVICES
525 195
6/1
375 155
6/1
225
115
Includes Real Estate
through September 2016
75 75
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
1225 350
1025 HEALTH CARE 6/1
UTILITIES 300
825 6/1 250
625
200
425
150

yardeni.com
225 100
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19

200-day moving average

* S&P 500 sector price indexes on ratio scales.
Source: Haver Analytics and Standard & Poor’s Corporation.

Page 17 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Sectors Stock Price Index Minus 200-dma
Figure 31.
60 40
S&P 500 INDUSTRIALS
40 (price index as percentage of 200-dma) 20
20
6/1 0
0 6/1
-20
-20
-40 -40
% from 200-dma (3.3) (1.0)
-60 -60
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
40 40
CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY
20 20
6/1 6/1
0 0

-20 -20

-40 -40
(7.5) (10.9)
-60 -60
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
30 40
CONSUMER STAPLES MATERIALS
20
15
6/1 0
0
6/1 -20
-15
-40
(-8.6) (0.0)
-30 -60
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
40 50
ENERGY REAL ESTATE
20 25
6/1
0 6/1 0

-20 -25

-40 -50
(8.4) (-0.8)
-60 -75
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
60 40
40
FINANCIALS TELECOMMUNICATION SERVICES
20 20
0 6/1
0
-20 6/1
Includes Real Estate
-40 through September 2016 -20
-60
(0.0) (-6.1)
-80 -40
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19
30 40
HEALTH CARE UTILITIES
15 20

0 6/1 0
6/1

-15 -20
(0.1) (-4.3) yardeni.com
-30 -40
06 07 08 09 10 11 12 13 14 15 16 17 18 19 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Standard & Poor’s Corporation.

Page 18 / June 3, 2018 / 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 32.
.35 .26
CONSUMER DISCRETIONARY INDUSTRIALS
.30
(as a ratio of S&P 500 Index) 6/1
.24
6/1
.25 .22

.20 .20

.15 .18
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

.35 .50
CONSUMER STAPLES INFORMATION TECHNOLOGY
6/1 .45
.30
.40
.25 .35
.30
.20
6/1 .25
.15 .20
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

.6 .25
ENERGY MATERIALS
.5
.20
.4

.3
.15
.2 6/1 6/1

.1 .10
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

.4 .16
FINANCIALS TELECOMMUNICATION SERVICES
.14
.3 .12
.10
.2 .08
6/1
.06
6/1
.1 .04
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

.45 .20
HEALTH CARE UTILITIES
.18
.40
.16
.35 6/1 .14
.12
.30
.10
yardeni.com 6/1
.25 .08
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor’s Corporation.

Page 19 / June 3, 2018 / Stock Market Indicators: Fundamental, Sentiment, & Technical Yardeni Research, Inc.
www.yardeni.com
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