Chart of the Day - Friday, September 15, 2023

Today’s Chart of the Day was shared by Jeff Hirsch (@AlmanacTrader). The S&P 500 dropped -1.22% on Friday, but it was essentially flat this week (+0.16%). Everyone knows September has historically been the worst month for stocks, but the weakness doesn't typically show up until the second half of the month. As we enter the weaker half, Jeff points out that the major indices fared worse than usual in the better half of September. To understand why this could be a bearish omen for the second half of the month, we'll leave you with that quote from Edson Gould, “If the market does not rally, as it should during bullish seasonal periods, it is a sign that other forces are stronger and that when the seasonal period ends those forces will really have their say.”