200-Day Moving Averages - Yardeni Research

Stock Market Indicators: 200-Day Moving Averages

Yardeni Research, Inc.

December 9, 2022

Dr. Ed Yardeni

516-972-7683 eyardeni@

Joe Abbott

jabbott@

Debbie Johnson

480-664-1333 djohnson@

Mali Quintana

480-664-1333 aquintana@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

S&P 500 Moving Averages

1-5

S&P 500 Sectors Stock Price Index & 200-dma

6

S&P 500 Sectors Stock Price Index Versus 200-dma 7

200-Day Moving Averages

8-15

December 9, 2022 / 200-Day Moving Averages

Yardeni Research, Inc.



S&P 500 Moving Averages

Figure 1.

5500

5000 S&P 500 STOCK PRICE INDEX

4500

(ratio scale, daily)

4000

3500

3000

2500

2000

S&P 500 (3934.4)

1500

50-dma (3849.2)

200-dma (4026.7)

1000

5500 5000 4500

12/9

4000

3500

3000

2500

2000

1500



1000

-16.0% (70)

-9.8% -7.7% (28) (62)

-5.8% (19)

-12.4% (96)

-10.2% (13)

-6.8% (34)

-9.6% (21)

-25.4% (282)

-56.8% (517)

-19.4% -9.9% -5.8% (157) (60) (34)

-7.4% -13.3% (27) (100)

-19.8% -33.9%

(95)

(32)

-5.2% (32)

500

500

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Note: Corrections are declines of 10% or more, but less than 20%, 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.

30

25

S&P 500 INDEX (as a percent of 200-day moving average)

20

30 Latest (-2.3)

25

20

15

15

10

10

5

5



0

0

12/9

-5

-5

-10

-10

-15

-15

-20

-20

-25

-25

-30

-30

-35

-16.0%

-9.8% -7.7% -5.8% -12.4%

-10.2% -6.8% -9.6% -18.0%

-35

(70)

(28) (62)

(19)

(96)

(13)

(34)

(21)

(128)

-40 -56.8%

-19.4% -9.9% -5.8%

-7.4% -13.3%

-19.8% -33.9%

-5.2%

-40

(517)

(157) (60) (34)

(27)

(100)

(95)

(33)

(32)

-45

-45

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

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.

Page 1 / December 9, 2022 / 200-Day Moving Averages

Yardeni Research, Inc.



Figure 3.

5000

4500

S&P 500

4000 (ratio scale)

3500

3000

2500

2000

1500

S&P 500 Moving Averages

5000

4500

12/9

4000

3500

3000

2500

2000

1500

1000

S&P 500 Index (3934.38)

1000

50-day moving average (3840.40)

200-day moving average (4037.43)



500

500

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Standard & Poor's.

Figure 4.

1300

1100

S&P 500 TRANSPORATION INDEX (ratio scale)

900

700

500

1300

1100

12/9

900

700

500

300

300

S&P 500 Transportation (928.15) 50-dma (890.97) 200-dma (963.65)



100

100

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Standard & Poor's Corporation.

Page 2 / December 9, 2022 / 200-Day Moving Averages

Yardeni Research, Inc.



S&P 500 Moving Averages

38000 34000 30000

Figure 5.

DOW JONES INDUSTRIALS AVERAGE (ratio scale)

26000

22000

18000

14000

38000

12/9

34000

30000

26000

22000

18000

14000

10000

Dow Jones (33476.46) 50-day moving average (32194.22) 200-day moving average (32459.19)

10000

6000

2008 2009 2010 2011

Source: Haver Analytics.

2012 2013 2014

2015 2016

2017 2018

2019 2020

2021 2022

2023 2024

6000

18000 16000 14000

Figure 6.

DOW JONES TRANSPORTATION INDEX (ratio scale)

12000

10000

8000

6000

18000 16000

12/9

14000

12000

10000

8000

6000

4000

4000

Dow Jones Transporation Index (13762.82)

50-day moving average (13489.98)

200-day moving average (14140.19)

2000

2008 2009 2010 2011

Source: Haver Analytics.

2012 2013 2014

2015 2016

2017 2018

2019 2020

2021 2022

2023 2024

2000

Page 3 / December 9, 2022 / 200-Day Moving Averages

Yardeni Research, Inc.



17000 15000 13000

11000

Figure 7.

NASDAQ (ratio scale)

9000

7000

5000

S&P 500 Moving Averages

17000 15000 13000

12/9

11000

9000

7000

5000

3000

3000

Nasdaq (11004.62) 50-dma (10921.95) 200-dma (11967.18)

1000

2008 2009 2010 2011

Source: Haver Analytics.

2012 2013 2014

2015 2016

2017 2018

2019 2020

2021 2022

2023 2024

1000

55000 45000

Figure 8.

WILSHIRE 5000 (ratio scale)

35000

25000

55000 45000 12/8 35000

25000

15000

15000

Wilshire 5000 (39313.43) 50-day moving average (38233.57) 200-day moving average (40380.08)

5000

2008 2009 2010 2011

Source: Haver Analytics.

2012 2013 2014

2015 2016

2017 2018

2019 2020

2021 2022

2023 2024

5000

Page 4 / December 9, 2022 / 200-Day Moving Averages

Yardeni Research, Inc.



Figure 9.

3200

2800 S&P 400 (ratio scale)

2400 2000

1600

1200

S&P 500 Moving Averages

3200

2800

12/9

2400

2000

1600

1200

800

800

S&P 400 (2469.58)

50-day moving average (2415.29)

200-day moving average (2465.97)



400

400

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Standard & Poor's.

Figure 10.

1550

1350 S&P 600 (ratio scale)

1150 950

750

550

1550

1350

12/9

1150

950

750

550

350

350

S&P 600 (1186.62) 50-day moving average (1171.32) 200-day moving average (1206.82)



150

150

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Standard & Poor's.

Page 5 / December 9, 2022 / 200-Day Moving Averages

Yardeni Research, Inc.



S&P 500 Sectors Stock Price Index & 200-dma

Figure 11.

7000

6000

S&P 500*

5000 (price indexes)

4000

12/9

3000

2000

HEALTH CARE

1800

12/9

1600

1400

1200

1000

2000

2020 425

2021

2022

2023

2024

375 COMMUNICATION SERVICES

325

275

225

175

12/9

125

2020

2021

2022

2023

2024

2400

2100 CONSUMER DISCRETIONARY

1800

1500

1200 12/9

900

2020

2021

INDUSTRIALS

2022

2023

12/9

2020

2021

2022

2023

INFORMATION TECHNOLOGY

12/9

2024

800 1200 1000 800

600

2024

400 5000 4000 3000

2000

600 1000

2020

2021

2022

2023

2024

900 CONSUMER STAPLES

800

12/9

700

600

500

2020

2021

2022

2023

2024

1150

950 ENERGY

750

12/9 550

350

2020

2021

MATERIALS

2020

2021

REAL ESTATE

2022

2023

12/9

2022

2023

12/9

2024 2024

1000 800 700 600 500 400

300

200 400 350 300 250

200

150

2020

2021

950

850 750

FINANCIALS

650

550

450

350

2022

2023

12/9

250 2020

2021

2022

2023

200-day moving average * S&P 500 sector price indexes on ratio scales.

Source: Haver Analytics and Standard & Poor's.

2024 2024

2020

2021

UTILITIES

2020

2021

2022

2023

12/9

150 2024

475 425

375

325

2022

2023

275

225

2024

Page 6 / December 9, 2022 / 200-Day Moving Averages

Yardeni Research, Inc.



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