Subject: Re: Bear Catchers
Here's the link. I have to say - I think they changed the methodology - emphasis on THINK. Because I remember looking at this in 2014-15 and I distinctly recall that they weighted at that time - and I dont remember the Junk Bond Spread..... anyway .... I could be mistaken

https://www.cnn.com/markets/fe....

My guesstimate is that they use some sort of a diffusion index calculation to come up with a Stochastic ie percentile range and do the composite.

Best