Market Briefing: S&P 500 Bull & Bear Markets & Corrections

Market Briefing: S&P 500 Bull & Bear Markets & Corrections

Yardeni Research, Inc.

December 14, 2022

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

December 14, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections

Yardeni Research, Inc.



Bull & Bear Markets & Corrections

Figure 1.

5500

5000 S&P 500 STOCK PRICE INDEX

4500

(ratio scale, daily)

4000

12/12

5500 5000 4500

4000

3500

3500

3000

3000

2500

2500



2000

2000

S&P 500 (3990.6)

1500

50-dma (3855.5)

1500

200-dma (4025.7)

1000

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.

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 / December 14, 2022 / 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

(ratio scale)

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 / December 14, 2022 / 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 / December 14, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.



Bull & Bear Markets & Corrections

Figure 7.

110

110

S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1966-1968*

100

100

90

90

80

-22.2% (240)

-10.1% (162)

80

-36.1% (543)



70

70

I

II

III

IV

I

II

III

IV

I

II

III

IV

1966

1967

1968

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 8.

110

S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1962-1966*

100 -26.4% (174)

-10.5% (62)

-9.6% (46)

110

100 -22.2% (240)

90

90

80

80

70

70

60

60

50 1962

1963

1964

1965

50

1966

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 4 / December 14, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.



Bull & Bear Markets & Corrections

Figure 9.

85

80

S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1957-1962*

75 -14.8% (194)

70

-20.7% (99)

-13.6% (422)

-26.4% (174)

65

85

80

-10.5% 75 (62)

70

65

60

60

55

55

50

50

45

45

40

40

35 1957

1958

1959

1960

1961

35

1962

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 10.

70

S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1948-1957*

60 -14.1% -20.6% (205) (363)

50

-14.0% (35)

-14.8% (252)

-10.6% (18)

-14.8% (194)

70

-20.7% 60 (99)

50

40

40

30

30

20

20

10 1948

1949

1950

1951

1952

1953

1954

1955

1956

10

1957

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 5 / December 14, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.



Bull & Bear Markets & Corrections

Figure 11.

22

S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1946-1948*

21

-10.1%

20

(21)

-26.6% (133)

-14.7% (97)

-14.1% (205)

22

21

-20.6%

(363)

20

19

19

18

18

17

17

16

16

15

15

14

14



13

13

I

II

III

IV

I

II

III

IV

I

II

III

IV

1946

1947

1948

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 12.

25

23

S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1937-1946*

21

-54.5%

(390)

19

-26.2% (150)

-31.9% (229)

-34.5% (535)

-13.1% (138)

25

23

-26.6% 21 (133)

19

17

17

15

15

13

13

11

11

9

9

7 1937

1938

1939

1940

1941

1942

1943

1944

1945

7

1946

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 6 / December 14, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.



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