Chart of the Day: S&P 500 Index Comparisons to 1998
The year 1998 continues to keep coming up in comparative analysis performed by Tech Talk due to the equivalent upside move during the month of September thus far. 1998 was the last year in recent history (past 20 years) and one of only a few in the history of the S&P 500 that has showed tremendous September strength. Coincidentally, this was also a mid-term election year, the period which we are currently in.
A bottom was produced on August 31st of this year before the market rallied over 11% by September 23. Following this date, the market gave back all of its gains by October 8 to bottom again around the August lows. From this date the market rallied through the end of the year and into July of the year following.
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