Chart Of The Day - S&P500 Monthly Chart

There goes August!

Monthly Chart: after a month of “turmoil”, with the first meaningful sell-off since March, the S&P 500 closed down just -1.77%. Given the resulting shakeout in sentiment (after seemingly all the bears threw in the towel), the August price action is likely going to be seen as a “healthy correction”.

• Taking stock of the drawdown, from top (intraday high of 4607.07 on the 28th of July) to bottom (intraday low of 4360.3 on 22nd August) the correction/sell-off for the S&P 500 index amounted to -5.36%

• The August dip breaks the 5-month streak of positive returns, but the index continues its streak (now 8-months in a row) above its upward-sloping 10-month moving average — so another datapoint for the healthy-correction camp.

• All-up, the YTD stats are sitting at +17.4% (and 18.73% in total return terms, i.e. including dividends) as of the August 2023 close.

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