The S&P 500 Was the Worst Performing Major Country Index Last Week

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August 15, 2016 8:17am INDEXSP:.INX NYSE:SPY

Globe on EuropeFrom Doug Short: The eight equity indexes on our global watch list shifted back into rally mode last week. All eight posted gains, up from five the previous week, and the average gain of the aggregate was a stunning 2.11%, up from a minuscule 0.04% the previous week.


Japan’s Nikkei was the top performer with its 4.09% surge. The worst performance was posted by the S&P 500, up a fractional 0.05%, although the US benchmark index posted a record close on Thursday of the past week.

A Closer Look at the Last Four Weeks

The tables below provide a concise overview of performance comparisons over the past four weeks for these eight major indexes. We’ve also included the average for each week so that we can evaluate the performance of a specific index relative to the overall mean and better understand weekly volatility. The colors for each index name help us visualize the comparative performance over time.

Four Weeks

Year-to-Date Performance

Here is an overlay of the eight illustrating their comparative performance so far in 2016.

Here is a table of the 2016 performance, sorted from high to low, along with the interim highs for the eight indexes. Four indexes are in the green year-to-date, unchanged from last week. The Brexit FTSE has been the top performer, and China’s Shanghai continues to merit the dubious distinction of biggest loser YTD.

The Global Bear Market Perspective

The column chart is sorted by the least to worst declines from previous peaks as of the week’s end. Seven of our eight watch list indexes had dropped into bear territory (a 20% decline), the S&P 500 being the sole exception. As of the latest close, only two of the eight are in the bear zone, down from four the previous week, with the DAXK and Nikkei rising above the bear benchmark. The Hang Seng, to one decimal place, is balanced on that -20% bear-market benchmark.

Global Bear Markets

A Longer Perspective

The chart below illustrates the comparative performance of World Markets since March 9, 2009. The start date is arbitrary: The S&P 500, CAC 40 and BSE SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAX on March 6th, the FTSE on March 3rd, the Shanghai Composite on November 4, 2008, and the Hang Seng even earlier on October 27, 2008. However, by aligning on the same day and using a log scale vertical axis, we get an excellent visualization of the relative performance. We’ve indexed each of the eight to 800 on the March 9th start date. The callout in the upper left corner shows the percent change from the start date to the latest weekly close.

World Markets since March 2009

Here is the same visualization, this time starting on October 9, 2007, the closing high for the S&P 500, a date the is approximately the mid-point of the range of market peaks, which started on June 1st for the CAC 40 and ended on January 8, 2008 for the SENSEX.

World Markets since October 2007

For a longer look at the relative performance, our final chart starts at the turn of the century, again indexing each at 800 for the start date.

World Markets since 2000

Check back next week for a new update.

The S&P 500 (INDEXSP:.INX) closed at $2,184.05 on Friday, down $1.74 (-0.08%). The benchmark index’s futures were up $3.75 (+0.17%) in premarket trading Monday. The S&P 500 has gained 6.85% year-to-date.

SPX-2016-08-15

This article is brought to you courtesy of Advisor Perspectives.


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