S&P 500 extends gain to 40 points. Remember what happened last September
Watch out for month-end
Last year the S&P 500 ran up through August and the first two trading days of Sept, then hit a wall in a rough correction before floundering until the election and early vaccine results.
That 9% correction was the last big drawdown we’ve seen and we’re now 1300 points, or nearly 40% from that low.
Over the past 20 years, September is the worst month for the S&P 500 but keep in mind that period includes 9/11 and the beginning of the collapse of Lehman Brothers.
The market got the all-clear from Powell today but jitters will re-start next week around non-farm payrolls and Sept 21 FOMC taper talk.
