The title of last week’s update was “Markets will Fluctuate, That is a Fact.” Heading into last week, the S&P 500 had fluctuated down, to the tune of about -9% from the mid-August peak.
The S&P 500 declined -3.37% on Friday. After a +17% rally from the index’s low point in June, through mid-August, volatility reared its ugly head and brought the total number of outlier days (a trading day beyond +/-1.5%) in 2022 to 52, out of 164 trading days.