March's decline in the S&P 500 of 0.6% marked the fifth straight month of losses for the index. Since 1928, there have only been nine other periods where the S&P 500 went as long or longer than the current streak of five down months. As shown below, the odds for a rebound in the six month are nothing to write home about. The average S&P 500 return during the sixth month is a gain of 0.41%, with gains in only four out of nine periods. The results are even worse over a three month period, with an average decline of 2.64% and gains in four out of nine periods.
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