The S&P 500 had its biggest gain (+3.9%) since November 30, 2011 today, but even after the rally, have a look at our trading range screen of the S&P 500 and its ten sectors below. Things are still deeply into oversold territory, and they’re still down significantly over the last week. The S&P remains down 7.76% in the month of August and 5.75% year-to-date. August has just not been a good month for stocks, even during the epic bull run that we’ve had since March 2009. Of the seven August months we’ve had since 2009, four (2010, 2011, 2013, 2015) have now seen declines of more than 3%. Fortunately for the bulls, the average gain from September through year-end in 2010, 2011 and 2013 was +12.07%. In all years since 1928, the S&P has been up an average of 3.04% from September through year-end when August has seen a decline of 3%+. For more coverage and analysis, you can sign up for a Bespoke Premium or Bespoke Institutional subscription.