Stock Market Briefing: September 25, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at blog. thinking outside the box
Table Of Contents Table Of Contents 3-9 September 25, 217 /
1.7 1.6 Figure 1. S&P 5 RATIO: EQUAL-WEIGHTED TO MARKET-CAP-WEIGHTED 1.7 1.6 1.5 1.5 1.4 1.4 1.3 1.3 1.2 1.2 1.1 1.1 1. 1..9.9.8.7 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 Source: Haver Analytics and Standard & Poor s..8.7 42 37 32 Figure 2. S&P 5 STOCK PRICE INDEXES (ratio scale) 42 37 32 27 27 22 22 17 17 12 12 7 7 Equal-weighted S&P 5 Market-cap-weighted S&P 5 2 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 Source: Haver Analytics and Standard & Poor s. 2 Page 3 / September 25, 217 /
2.4 Figure 3. RATIO OF S&P 5 TO S&P 1 STOCK PRICE INDEXES 2.4 2.3 2.3 2.2 2.2 2.1 2.1 2. 2. 1.9 1.9 1.8 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 Source: Haver Analytics and Standard & Poor s Corporation. 1.8 3 Figure 4. S&P 5 & S&P 1 STOCK PRICE INDEXES 12 1 2 8 6 1 S&P 5 Index 4 S&P 1 Index 2 9 91 92 93 94 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 Source: Haver Analytics and Standard & Poor s Corporation. Page 4 / September 25, 217 /
11 1 9 8 Figure 5. S&P 1 % OF COMPANIES TRADING ABOVE 2-DMA* 11 1 9 8 7 6 5 7 6 5 4 3 2 1-1 -16.% (7) (6) -7.7% % above 2-dma (7.1) 28 29 21 211 212 213 214 215 216 217 218 (96) (11) 4 3 2 1-1 * Using end of week price data to calculate equivalent 1-wma and 4-wma to approximate their 5-dma and 2-dmas. 11 1 Figure 6. S&P 5 % OF COMPANIES TRADING ABOVE 2-DMA* 11 1 9 9 8 8 7 7 6 6 5 5 4 4 3 3 2 2 1-16.% (7) (6) -7.7% 28 29 21 211 212 213 214 215 216 217 218 (96) (11) 1 * Using end of week price data to calculate equivalent 1-wma and 4-wma to approximate their 5-dma and 2-dma. Note: Corrections are declines of 1% or more, while minor ones are 5%-1% (all in blues shades). Bear markets are declines of 2% or more (in red shades). Number of calendar days in parentheses. Page 5 / September 25, 217 /
1 9 Figure 7. S&P 1 % OF COMPANIES TRADING ABOVE 5-DMA* 1 9 8 8 7 6 7 6 5 5 4 4 3 3 2 2 1-1 -16.% (7) (6) -7.7% % above 5-dma (65.4) 28 29 21 211 212 213 214 215 216 217 218 (96) (11) 1-1 * Using end of week price data to calculate equivalent 1-wma and 4-wma to approximate their 5-dma and 2-dmas. 1 9 Figure 8. S&P 5 % OF COMPANIES TRADING ABOVE 5-DMA* 1 9 8 8 7 7 6 6 5 5 4 4 3 3 2 2 1-1 -16.% (7) (6) -7.7% % above 5-dma (6.) 28 29 21 211 212 213 214 215 216 217 218 (96) (11) 1-1 * Using end of week price data to calculate equivalent 1-wma and 4-wma to approximate their 5-dma and 2-dmas. Page 6 / September 25, 217 /
11 1 Figure 9. S&P 1 % OF COMPANIES POSITIVE Y/Y PRICE CHANGE* 11 1 9 9 8 8 7 7 6 6 5 5 4 4 3 % positve y/y (76.4) 3 2 2 1-16.% (7) (6) -7.7% 28 29 21 211 212 213 214 215 216 217 218 (96) (11) 1 * Using end of week price data to calculate year over year price change. Note: Corrections are declines of 1% or more (in blues shades). Bear markets are declines of 2% or more (in red shades). Number of calendar days in parentheses. 11 1 Figure 1. S&P 5 % OF COMPANIES POSITIVE Y/Y PRICE CHANGE* 11 1 9 9 8 8 7 7 6 6 5 5 4 4 3 3 2 2 1-16.% (7) (6) -7.7% 28 29 21 211 212 213 214 215 216 217 218 (96) (11) 1 * Using end of week price data to calculate year-over-year price change. Note: Corrections are declines of 1% or more, while minor ones are 5%-1% (all in blue shades). Bear markets are declines of 2% or more (in red shades). Number of calendar days in parentheses. Page 7 / September 25, 217 /
13 12 Figure 11. NYSE CUMULATIVE ADVANCE/DECLINE LINE (ALL SECURITIES) (weekly) 5 11 4 1 3 9 8 2 7 6 NYSE Composite Index 1 5 A/D Line (All Securities) 4 3 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: The Wall Street Journal. -1 Page 8 / September 25, 217 /
44 37 3 23 16 Figure 1. S&P 5 STOCK PRICE INDEXES (ratio scale) S&P 5 RATIO: EQUAL-WEIGHTED TO MARKET-CAP-WEIGHTED 1.8 1.6 1.4 9 1.2 Equal-weighted (3837.25) 1. Market-cap-weighted (2496.66).8 2 19 16 13 1 7 4 9 92 94 96 98 2 4 6 8 1 12 14 16 18 2 22 S&P 4 STOCK PRICE INDEXES (ratio scale) 9 92 94 96 98 2 4 6 8 1 12 14 16 18 2 22.6 S&P 4 RATIO: EQUAL-WEIGHTED TO MARKET-CAP-WEIGHTED.9.85.8.75.7 1 128 18 88 68 48 28 Equal-weighted (1412.89) Market-cap-weighted (1771.85) 9 92 94 96 98 2 4 6 8 1 12 14 16 18 2 22 S&P 6 STOCK PRICE INDEXES (ratio scale) 9 92 94 96 98 2 4 6 8 1 12 14 16 18 2 22.55 S&P 6 RATIO: EQUAL-WEIGHTED TO MARKET-CAP-WEIGHTED.65.6 1.3 1.25 1.2 1.15 1.1 8 Equal-weighted (137.8) Market-cap-weighted (877.3) 9 92 94 96 98 2 4 6 8 1 12 14 16 18 2 22 Source: Standard & Poor s Corporation. 1.5 1. 9 92 94 96 98 2 4 6 8 1 12 14 16 18 2 22.95 Page 9 / September 25, 217 /
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