The level to watch tomorrow is 2058
The index is clinging to a miniscule year-to-date gain after it finished down 15 points to 2063 on Wednesday.
1) "Sell in May and go away" worked this year
In my experience, the old slogan works about one in every 12 years but this was the year. The S&P 500 peaked at 2134 in May and it's been a rocky road ever since.
2) As January goes, so goes the year
The S&P 500 fell 3.1% in January and it was a tough year. The market will probably finish the year flat so it didn't exactly follow the conventional wisdom but given the brutal drop in August, it sure felt like it did. The vast majority of gains this year were concentrated in Feb and Oct.
3) An unchanged year is a great sign
The last seven times the S&P 500 finished the year with a less-than 3% move, it climbed the following year.
