Chart of the Day - Monday, September 16, 2024

🏆 Today's Chart of the Day was shared by Optuma (@Optuma).
 

• The S&P 500 closed higher for the sixth consecutive day on Monday, inching up +0.13%. September has notoriously been the worst month, but $SPX is hardly down this month (-0.27%) while flirting with record highs.
   
• Optuma points out that since 1998, the worst days of September have historically occurred in the second half of the month. The index is usually positive at this point before turning negative. 
   
• Real Estate has been the best-performing sector this month, gaining +4.16%. However, Optuma adds that it has historically suffered more than any other sector in September, averaging a meaningful loss of -4.83%. 
   

Takeaway: The S&P 500 is flirting with all-time highs as we enter what has historically been the weakest part of the worst month. Seasonality doesn't always pan out accordingly, but even when it "fails,"  there's still valuable information to glean. If the market rises despite these seasonal headwinds, it will tell us that the underlying bid is unusually strong.