Chart of the Day - Monday, February 12, 2024

🏆 Today’s Chart of the Day was shared by @Dash_charts.

• The S&P 500 has gained +22% since the Oct. 27th lows and hasn’t even pulled back more than -2% on a closing basis

• The index is well overdue for some sort of pullback, consolidation, or correction, and history suggests it could begin this week.

• Using a 50-year seasonal composite of the S&P 500 (red), Dash points out that the index has historically hit a short-term peak in mid-February before bottoming in mid-March.

The takeaway: The next month has historically been weak, but strength tends to return in April-July… Sell Valentine’s Day, Buy St. Patty’s Day?