Market Briefing:

S&P 500 Bull & Bear

Markets & Corrections
Yardeni Research, Inc.

January 12, 2022

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

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

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

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thinking outside the box

Table Of Contents Table Of Contents
Bull & Bear Markets & Corrections 1-7

January 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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 Bull & Bear Markets & Corrections
Figure 1.
5500 5500
5000 S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 2008-2021 5000
1/12
4500 (ratio scale, daily) 4500
4000 4000
3500 3500

3000 3000

2500 2500

2000 2000

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S&P 500 (4726.35)
1500 1500
50-dma (4682.71)
200-dma (4414.18)

1000 1000

-16.0% -9.8% -7.7% -5.8% -12.4% -10.2% -6.8% -9.6%

(70) (28) (62) (19) (96) (13) (34) (21)
-56.8% -19.4% -9.9% -5.8% -7.4% -13.3% -19.8% -33.9% -5.2%
(517) (157) (60) (34) (27) (100) (95) (33) (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 1800
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 2000-2009*
1600 1600
-49.1% -14.7% -8.2% -56.8%
(929) (104) (183) (517)
1400 1400

1200 1200

1000 1000

800 800

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600 600
2000 2001 2002 2003 2004 2005 2006 2007 2008 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 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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 Bull & Bear Markets & Corrections
Figure 3.
1600 1600
1500 1500
1400 S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1987-2000* 1400
1300 (ratio scale) 1300
1200 1200
1100 1100
1000 1000
900 900
800 800

700 700

600 600
-33.5% -10.2% -19.9% -8.9% -9.6%-10.8% -19.3% -12.1% -49.1%
(101) (28) (87) (61) (52) (20) (45) (91) (929)
500 500

400 400

300 300

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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.
350 350
330 S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1980-1987* 330
310 310
290 290
270 270
250 250
230 230

210 210
-17.1% -27.1% -14.4% -33.5%
190 (43) (622) (288) (101) 190

170 170

150 150

130 130

110 110

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90 90
1980 1981 1982 1983 1984 1985 1986 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 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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 Bull & Bear Markets & Corrections
Figure 5.
150 150
-27.1%
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1973-1980* (622)
140 140

130 -48.2% -13.6% -14.1% -19.4% -13.6% -10.2% -17.1% 130

(630) (29) (63) (531) (63) (33) (43)

120 120

110 110

100 100

90 90

80 80

70 70

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60 60
1973 1974 1975 1976 1977 1978 1979 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 75
-10.1% -36.1% -10.7% -11.0% -48.2%
(162) (543) (103) (76) (630)

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65 65
1968 1969 1970 1971 1972 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 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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 Bull & Bear Markets & Corrections
Figure 7.
110 110
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1966-1968*

100 100

90 90

80 80

-22.2% -10.1% -36.1%

(240) (162) (543)

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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.

***** Chart Not Available *****

Task: SP500CORR196266

REPLICATE’ing above limits

01-12-2022 - 18:01:36

Page 4 / January 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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 Bull & Bear Markets & Corrections
Figure 9.
85 85

80 S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1957-1962* 80

75 -14.8% -20.7% -13.6% -26.4% -10.5% 75

(194) (99) (422) (174) (62)
70 70

65 65

60 60

55 55

50 50

45 45

40 40

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35 35
1957 1958 1959 1960 1961 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 70
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1948-1957*
60 60
-14.1% -20.6% -14.0% -14.8% -10.6% -14.8% -20.7%
(205) (363) (35) (252) (18) (194) (99)
50 50

40 40

30 30

20 20

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10 10
1948 1949 1950 1951 1952 1953 1954 1955 1956 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 / January 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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 Bull & Bear Markets & Corrections
Figure 11.
22 22
S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1946-1948*
21 21
-10.1% -26.6% -14.7% -14.1% -20.6%
(21) (133) (97) (205) (363)
20 20

19 19

18 18

17 17

16 16

15 15

14 14

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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 25

23 S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1937-1946* 23

21 -54.5% -26.2% -31.9% -34.5% -13.1% -26.6% 21

(390) (150) (229) (535) (138) (133)
19 19

17 17

15 15

13 13

11 11

9 9

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7 7
1937 1938 1939 1940 1941 1942 1943 1944 1945 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 / January 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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 Bull & Bear Markets & Corrections
Figure 13.
54 54
49 S&P 500 BULL & BEAR MARKETS & CORRECTIONS: 1929-1937* 49
44 44
39 39
-44.7% -83.0% -40.6% -29.8% -31.8% -12.8% -54.5%
34 (67) (783) (173) (95) (401) (23) (390) 34
29 29

24 24

19 19

14 14

9 9

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4 4
1929 1930 1931 1932 1933 1934 1935 1936 1937

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 7 / January 12, 2022 / Market Briefing: S&P 500 Bull & Bear Markets & Corrections Yardeni Research, Inc.
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