Chart of the Day - Tuesday, August 15, 2023

Today’s Chart of the Day was shared by Ryan Detrick (@RyanDetrick). The S&P 500 peaked on July 31st and turned lower as we turned the calendar. It’s currently down -3.3% in August after rising for five consecutive months. Ryan points out that this weakness is showing up right on schedule. The orange line represents the average performance of the S&P 500 during years in which it gained +10% or more in the first half. Years that start strong tend to digest their gains in August through November before a year-end rally.