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You may remember last week that we highlighted the S&P 500’s tendency for weakness towards the end of September, which is something we have started to see in the last couple of days. Looking ahead, the short-term outlook for the market based on seasonality still isn’t great, but the longer-term outlook doesn’t get much better. Based on our Seasonality tool, the S&P 500’s median three-month return from the close on 9/25 over the last ten years has been a gain of 7.10%, which is better than 99% of all other three-month rolling periods throughout the year.