In our Bespoke Report newsletter last Friday, we highlighted the chart below that shows the S&P 500’s track so far this year compared to its track for all of 2011.  Back in 2011, the S&P 500 traded in a sideways range for the first seven months of the year just as it did this year, and then things fell apart in August.  Once the lows were made, the index rallied nicely in the fourth quarter to finish the year exactly flat.

As shown below, while not an exact replica, the two patterns are pretty darn close!

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