S&P 500 Earnings: S&P 500 Earnings Yield Back Above 6%

The S&P 500 earnings yield was 6.05% as of Friday’s close, and the 2nd week in a row where the key benchmark’s earnings yield was above 6%.
The S&P 500 earnings yield was between 6% and 7% in 2007 and 2008, but the 2008 Financial Crisis was not an earnings recession, it was a “rotting from within” our mortgage and housing financing, which is not an excuse to disregard the 2007-2008 data, but it’s a reality test for today.
On the daily chart, the S&P 500 is about 3/4ths of the way to “oversold” status, but the key benchmark remains above the 200-day moving average, unlike the decline in Q4 ’18.