Market Briefing: S&P 500 Bull & Bear Markets & Corrections
Market Briefing: S&P 500 Bull & Bear Markets & Corrections
Yardeni Research, Inc.
January 17, 2020
Dr. Edward Yardeni
516-972-7683 eyardeni@
Joe Abbott
732-497-5306 jabbott@
Mali Quintana
480-664-1333 aquintana@
Please visit our sites at blog.
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Table Of Contents Table Of Contents
Bull & Bear Markets & Corrections
1-7
January 17, 2020 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections
Yardeni Research, Inc.
Bull & Bear Markets & Corrections
Figure 1.
3500
3250
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 2008-2020
3000
(ratio scale)
2750
2500
2250
2000
1750
1500
1250 200-day moving average
1000
3500
1/17
3250
3000
2750
2500
2250
2000
1750
1500
1250
1000
750
750
-16.0% (70)
-9.8% -7.7% (28) (62)
-5.8% (19)
-12.4% (96)
-56.8% (517)
-19.4% -9.9% (157) (60)
-5.8% (34)
-7.4% (28)
-13.3% (100)
500 2008
2009
2010
2011
2012
2013
2014
2015
2016
-10.2% (13)
-6.8% (34)
-19.8% (95)
2017
2018
2019
500 2020
Note: Corrections are declines of 10% or more, while minor ones are 5%-10% (all in blue shades). Bear markets are declines of 20% or more (in red shades). Number of calendar days in parentheses. Source: Standard & Poor's.
Figure 2.
1800
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 2000-2009*
1600
-49.1% (929)
-14.7% (104)
-8.2% (183)
1400
-56.8% (517)
1800 1600 1400
1200
1200
1000
1000
800
800
600
2000
2001
2002
2003
2004
2005
2006
2007
2008
600 2009
200-day moving average. * Ratio scale. Corrections are declines of 10% or more (in blues shades). Bear markets are declines of 20% or more (in red shades). Number of days
in parentheses. Source: Standard & Poor's Corporation.
Page 1 / January 17, 2020 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections
Yardeni Research, Inc.
Bull & Bear Markets & Corrections
Figure 3.
1600
1500 1400
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1987-2000*
1300
1200
1100
1000
900
800
700
600 -33.5% (101)
500
-10.2% -19.9% (28) (87)
-8.9% (61)
-9.6%-10.8% -19.3% (52) (20) (45)
1600 1500 1400 1300 1200 1100 1000
900
800
700
600 -12.1% -49.1% (91) (929)
500
400
400
300
300
200
200
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
200-day moving average. * Ratio scale. Corrections are declines of 10% or more (in blues shades). Bear markets are declines of 20% or more (in red shades). Number of days
in parentheses. Source: Standard & Poor's Corporation.
Figure 4.
350
330 S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1980-1987*
310 290
270
250
230
210 -17.1%
190 (43)
-27.1% (622)
-14.4% (288)
170
350 330 310 290 270 250 230
210 -33.5% (101) 190
170
150
150
130
130
110
110
90 1980
1981
1982
1983
1984
1985
1986
90
1987
200-day moving average. * Ratio scale. Corrections are declines of 10% or more (in blues shades). Bear markets are declines of 20% or more (in red shades). Number of days
in parentheses. Source: Standard & Poor's Corporation.
Page 2 / January 17, 2020 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections
Yardeni Research, Inc.
Bull & Bear Markets & Corrections
Figure 5.
150
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1973-1980*
140
150
-27.1%
(622)
140
130
-48.2% (630)
-13.6% (29)
-14.1% (63)
-19.4% (531)
-13.6% (63)
-10.2% -17.1% (33) (43)
130
120
120
110
110
100
100
90
90
80
80
70
70
60
1973
1974
1975
1976
1977
1978
1979
60 1980
200-day moving average. * Ratio scale. Corrections are declines of 10% or more (in blues shades). Bear markets are declines of 20% or more (in red shades). Number of days
in parentheses. Source: Standard & Poor's Corporation.
Figure 6.
125
125
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1968-1973*
115
115
105
105
95
95
85
85
75 -10.1% (162)
-36.1% (543)
-10.7% -11.0% (103) (76)
-48.2%
75
(630)
65 1968
1969
1970
1971
1972
65
1973
200-day moving average. * Ratio scale. Corrections are declines of 10% or more (in blues shades). Bear markets are declines of 20% or more (in red shades). Number of days
in parentheses. Source: Standard & Poor's Corporation.
Page 3 / January 17, 2020 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections
Yardeni Research, Inc.
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