Saturday, January 3, 2026

Opportunities and Challenges of 2026

The accompanying chart from Jeffrey Hirsch of Almanac Trader shows the expected seasonal price pattern for the S&P 500. As with any seasonality analysis, direction is more important than the magnitude of the move. If history is any guide, expect a volatile year until October, followed by a rally into year-end.
I agree with the broad strokes of the seasonality analysis, and the pattern forms the base case of my S&P 500 market expectations for 2026.

But I still have questions for the market, and here are the opportunities and challenges for investors in the new year.

The full post can be found here.

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