L S&P 500 Reported Bull-Bear Weekly Change in Spread Return to S&P 500 Date Bullish Neutral Bearish Spread Close 7-24-87 36.0% 50.0% 14.0% 22.0% 309.27 7-31-87 26.0% 48.0% 26.0% 0.0% 318.66 8-7-87 56.0% 15.0% 29.0% 27.0% 323.00 8-14-87 45.0% 35.0% 20.0% 25.0% 333.99 8-21-87 66.0% 28.0% 6.0% 60.0% 335.90 a. Calculate weekly returns to the S&P 500 using the closing prices. (excel format) b. Compute the weekly change in the bull-bear spread. Compute both, a concurrent change in the spread as well as the change in spread one week prior to the observed market return. (excel format) c. Is there a relationship between the S&P return and the concurrent and the leading one-week change in the bull-bear spread? d. Analyze your result in part d. a) What is the theoretical expectation on the relationship between sentiment and market returns? B) Do we see it here? C) Is there a trading strategy? L S&P 500 Reported Bull-Bear Weekly Change in Spread Return to S&P 500 Date Bullish Neutral Bearish Spread Close 7-24-87 36.0% 50.0% 14.0% 22.0% 309.27 7-31-87 26.0% 48.0% 26.0% 0.0% 318.66 8-7-87 56.0% 15.0% 29.0% 27.0% 323.00 8-14-87 45.0% 35.0% 20.0% 25.0% 333.99 8-21-87 66.0% 28.0% 6.0% 60.0% 335.90 a. Calculate weekly returns to the S&P 500 using the closing prices. (excel format) b. Compute the weekly change in the bull-bear spread. Compute both, a concurrent change in the spread as well as the change in spread one week prior to the observed market return. (excel format) c. Is there a relationship between the S&P return and the concurrent and the leading one-week change in the bull-bear spread? d. Analyze your result in part d. a) What is the theoretical expectation on the relationship between sentiment and market returns? B) Do we see it here? C) Is there a trading strategy