What is VIX futures contango?

Contango means later VIX futures are priced above nearer contracts, which is the common calm-market shape and creates negative roll yield for long-volatility products.

What is VIX futures backwardation?

Backwardation means near VIX futures are priced above later contracts, usually indicating acute near-term stress that the market expects to ease.

When is this curve updated?

The public curve uses official daily settlement prices, which normally become available the following trading day.

FREE VOLATILITY REGIME TOOL

VIX Term Structure Today

VIX FUTURES CURVESettlement 2026-11-12

ContangoCurve regime

18.73Front-month settlement, M1 2026-11-18

21.25Back-month settlement, M9 2027-07-21

+2.52Front to back spread, 13.43%

Official daily settlement prices. The curve updates once per trading day, after that session's settlements are posted following the close. Futures price expected settlement plus risk premium, so the curve is not a forecast that spot VIX reaches these levels. How to read the curve.

VX futures curve by expiration: latest settlement vs about one week earlier

Each point is one monthly VX contract's official settlement, in expiration order.

Settled Nov 12, 2026
Settled Nov 5, 2026, seven days earlier

On Nov 12, 2026, measured as the last listed contract against the front, the curve was in contango: VX/N7 (expires 2027-07-21) settled at 21.25, 2.52 points above VX/X6 (expires 2026-11-18) at 18.73.

Seven days earlier, on Nov 5, 2026, measured as the last listed contract against the front, the curve was in backwardation: VX/N7 (expires 2027-07-21) settled at 21.55, 2.99 points below VX/X6 (expires 2026-11-18) at 24.54.

Across the 9 contracts listed on both dates, settlements changed by -5.81 (VX/X6) to -0.30 (VX/N7) points between Nov 5, 2026 and Nov 12, 2026.

Contango here means the last listed contract settled above the front contract, and backwardation means it settled below; contracts in between can sit on either side of the front.

The figures on this chart, as a table

Contract	Expires	Settled Nov 12	Settled Nov 5	Change, points
VX/X6	2026-11-18	18.73	24.54	-5.81
VX/Z6	2026-12-16	18.96	22.19	-3.23
VX/F7	2027-01-20	19.68	21.73	-2.05
VX/G7	2027-02-17	20.13	21.56	-1.43
VX/H7	2027-03-17	20.40	21.32	-0.92
VX/J7	2027-04-21	20.84	21.43	-0.59
VX/K7	2027-05-18	20.98	21.40	-0.42
VX/M7	2027-06-16	21.02	21.37	-0.35
VX/N7	2027-07-21	21.25	21.55	-0.30

Source: official daily VX futures settlement prices, settlement dates as labelled. Settlements include risk premium, so neither line is a forecast of spot VIX.

See nine monthly VIX futures settlements on one curve. Identify contango or backwardation, measure the front-to-back spread, and compare today’s front slope with its own contract history. What the VIX term structure is covers what the curve is built from and what each shape has historically coincided with.

Every VIX close 20% or more above the prior close since 1990: 131 sessions, each dated, with what followed.

Computed from the Nov 12 settlement. Next update: the Nov 13 settlement, once it is posted after that session.

OPEN THE TERMINAL →

VX October vs November: what the election window costs

This comparison retired after the November 4, 2026 close. The October contract settled on Wednesday, October 21, 2026 and the November contract settles on Wednesday, November 18, 2026.

Source: official daily VX settlement prices. Election Center methods and dated readings

SPX and VIX the session after every US election since 1990

Every US federal election day since 1990, none left out: 18 elections, 9 midterm and 9 presidential. Each row is the trading session after election day.

Both panels share one scale. The tallest bars are SPX 5.27% and VIX 6.83 points.

Midterm elections, n = 9 (small sample)

After the 9 midterms, the median size of the SPX move, up or down, in the next session was 0.70%, 0.84x a normal day. SPX fell in 3 of 9 of those sessions, and the median signed move was +0.37%. VIX fell in 6 of 9, moved 1 point or more in 3 of 9, and its median change was -0.39 points. The largest SPX moves were 2018 (SPX +2.12%, VIX -3.55) and 2022 (SPX -2.08%, VIX +0.55).

Election day	Next session	SPX next session	Times a normal day	VIX on election day	VIX next session	VIX change
1990-11-06	1990-11-07	-1.80%	1.77x	29.11	30.87	+1.76
1994-11-08	1994-11-09	-0.05%	0.13x	16.30	16.42	+0.12
1998-11-03	1998-11-04	+0.70%	0.70x	27.76	27.37	-0.39
2002-11-05	2002-11-06	+0.91%	0.59x	31.23	30.73	-0.50
2006-11-07	2006-11-08	+0.21%	0.84x	11.09	10.75	-0.34
2010-11-02	2010-11-03	+0.37%	0.76x	21.57	19.56	-2.01
2014-11-04	2014-11-05	+0.57%	1.18x	14.89	14.17	-0.72
2018-11-06	2018-11-07	+2.12%	4.86x	19.91	16.36	-3.55
2022-11-08	2022-11-09	-2.08%	1.96x	25.54	26.09	+0.55

Presidential elections, n = 9 (small sample)

After the 9 presidential elections, the median size of the SPX move, up or down, in the next session was 1.58%, 3.40x a normal day. SPX fell in 4 of 9 of those sessions, and the median signed move was +1.11%. VIX fell in 6 of 9, moved 1 point or more in 7 of 9, and its median change was -1.05 points. The largest SPX moves were 2008 (SPX -5.27%, VIX +6.83) and 2024 (SPX +2.53%, VIX -4.22).

Election day	Next session	SPX next session	Times a normal day	VIX on election day	VIX next session	VIX change
1992-11-03	1992-11-04	-0.67%	1.78x	17.33	16.28	-1.05
1996-11-05	1996-11-06	+1.46%	3.90x	17.65	16.97	-0.68
2000-11-07	2000-11-08	-1.58%	2.99x	24.91	25.66	+0.75
2004-11-02	2004-11-03	+1.12%	2.49x	16.18	14.04	-2.14
2008-11-04	2008-11-05	-5.27%	3.46x	47.73	54.56	+6.83
2012-11-06	2012-11-07	-2.37%	7.63x	17.58	19.08	+1.50
2016-11-08	2016-11-09	+1.11%	3.40x	18.74	14.38	-4.36
2020-11-03	2020-11-04	+2.20%	2.69x	35.55	29.57	-5.98
2024-11-05	2024-11-06	+2.53%	6.22x	20.49	16.27	-4.22

Across all 9,270 sessions since 1990, the median size of the SPX move, up or down, was 0.52%, 0.99x a normal day; VIX fell in 53% of sessions, moved 1 point or more in 33%, and its median change was -0.07 points.

A normal day is the median absolute SPX daily move over the 60 sessions through election day; the ratio is the absolute next session move over it.

These are past sessions only, not a forecast. Each type has fewer than 10 elections, a small sample. Other news landed on some of these sessions, such as the Fed decisions on November 6, 2002 and November 3, 2010.

As of 2026-10-27, from published daily index closes through 2026-10-26.

OFFICIAL SETTLEMENTS · AS OF 2026-11-12

REGIME

CONTANGO

FRONT / BACK

18.73 / 21.25

M9 − M1 SPREAD

+2.52 (+13.4%)

SAME-CONTRACT PERCENTILE

84 of 100

The VIX futures curve is in contango, with M9 minus M1 at +2.52 points (+13.43%). Same-contract percentile: 84 of 100, today's slope between these two contracts ranked against their own 164 shared daily settlements.

Source: official daily futures settlement files. Settlements are end-of-day reference prices and normally become available the following trading day; this is not an intraday delayed quote. The same-contract percentile ranks the slope between today's M1 and M2 contracts against those same two contracts' history, when they were mostly further out the curve, so it is not a rank against past front-month slopes.

Pair the volatility curve with GEX, options flow, macro data, and catalysts.OPEN FULL TERMINAL →

SharePost on X RedditDownload image:Wide Feed Story

Term-structure watch: VIX9D to VIX3M

On Nov 11, 2026, the VIX9D index closed at 16.04 and VIX3M at 19.24: a VIX9D to VIX3M ratio of 0.834, below the 0.98 line.

published daily index closes for VIX9D (nine-day) and VIX3M (three-month), session 2026-11-11. These are index closes, not the VX futures settlements in the curve above.

Next reading: the Nov 12 session, after 6:30 a.m. PT (9:30 a.m. ET) on Friday, Nov 13, 2026.

Since Jan 4, 2011, the ratio closed at or above 0.98 on 647 of 3,987 earlier sessions (16.2%). It is a common reading, not a rare one.

647 matching sessions, 97 episodes after de-clustering (in date order, a match counts only if it is at least 20 trading days after the last counted one; the matches in between are listed inside that episode).

What the S&P 500 did after each episode began

Horizon	After the 97 episodes	Any session since 2011	Compared
1 week later	higher in 63 of 97 median +1.02%, worst -11.54%, best +5.61%	higher in 60% of 3,983 sessions since 2011 median +0.39%	about the same as any session
1 month later	higher in 63 of 96 median +1.90%, worst -20.86%, best +14.32%	higher in 67% of 3,967 sessions since 2011 median +1.48%	about the same as any session
3 months later	higher in 75 of 96 median +4.72%, worst -12.58%, best +27.95%	higher in 75% of 3,925 sessions since 2011 median +3.80%	about the same as any session

Every episode, newest first

S&P 500 changes in the episode table are close to close from the first session of each episode, the session that is counted. n/a means that many sessions have not closed yet. Open an episode for every session in it at or above the line. Each session with its own ratio and its own S&P 500 change after it. Only the first session of each episode feeds the table of what followed; the rest are listed so no date is left out.

Episode	Ratio at start	Peak	1 week later	1 month later	3 months later
2026-10-16 to 2026-11-06 (5 sessions) 2026-10-16: ratio 0.982; S&P 500 1 week later -0.47%, 1 month later n/a, 3 months later n/a (counted, episode start) 2026-11-02: ratio 1.040; S&P 500 1 week later +0.11%, 1 month later n/a, 3 months later n/a 2026-11-03: ratio 1.032; S&P 500 1 week later -0.63%, 1 month later n/a, 3 months later n/a 2026-11-05: ratio 1.278; S&P 500 1 week later n/a, 1 month later n/a, 3 months later n/a 2026-11-06: ratio 1.105; S&P 500 1 week later n/a, 1 month later n/a, 3 months later n/a	0.982	1.278 2026-11-05	-0.47%	n/a	n/a
2026-06-05 to 2026-06-10 (3 sessions) 2026-06-05: ratio 1.096; S&P 500 1 week later +0.65%, 1 month later +1.34%, 3 months later +4.54% (counted, episode start) 2026-06-09: ratio 1.039; S&P 500 1 week later +1.69%, 1 month later +2.56%, 3 months later +3.38% 2026-06-10: ratio 1.121; S&P 500 1 week later +2.11%, 1 month later +3.42%, 3 months later +4.47%	1.096	1.121 2026-06-10	+0.65%	+1.34%	+4.54%
2026-04-07 (1 session) 2026-04-07: ratio 1.067; S&P 500 1 week later +5.30%, 1 month later +11.31%, 3 months later +13.09% (counted, episode start)	1.067	1.067	+5.30%	+11.31%	+13.09%
2026-03-06 to 2026-03-30 (13 sessions) 2026-03-06: ratio 1.105; S&P 500 1 week later -1.60%, 1 month later -1.83%, 3 months later +9.55% (counted, episode start) 2026-03-09: ratio 1.099; S&P 500 1 week later -1.42%, 1 month later -0.19%, 3 months later +8.97% 2026-03-10: ratio 1.001; S&P 500 1 week later -0.96%, 1 month later +0.64%, 3 months later +8.92% 2026-03-12: ratio 1.075; S&P 500 1 week later -0.99%, 1 month later +3.20%, 3 months later +10.82% 2026-03-13: ratio 1.026; S&P 500 1 week later -1.90%, 1 month later +5.05%, 3 months later +12.05% 2026-03-18: ratio 0.980; S&P 500 1 week later -0.50%, 1 month later +7.57%, 3 months later +12.01% 2026-03-20: ratio 0.983; S&P 500 1 week later -2.12%, 1 month later +8.57%, 3 months later +14.85% 2026-03-23: ratio 1.064; S&P 500 1 week later -3.61%, 1 month later +8.46%, 3 months later +11.92% 2026-03-24: ratio 1.062; S&P 500 1 week later -0.42%, 1 month later +8.42%, 3 months later +12.23% 2026-03-25: ratio 0.986; S&P 500 1 week later -0.25%, 1 month later +8.70%, 3 months later +11.61% 2026-03-26: ratio 0.996; S&P 500 1 week later +1.63%, 1 month later +10.76%, 3 months later +13.54% 2026-03-27: ratio 1.047; S&P 500 1 week later +3.82%, 1 month later +12.09%, 3 months later +16.83% 2026-03-30: ratio 1.049; S&P 500 1 week later +4.31%, 1 month later +12.49%, 3 months later +18.22%	1.105	1.105	-1.60%	-1.83%	+9.55%
2026-02-05 to 2026-03-05 (3 sessions) 2026-02-05: ratio 0.993; S&P 500 1 week later +0.51%, 1 month later -0.04%, 3 months later +7.92% (counted, episode start) 2026-03-03: ratio 1.043; S&P 500 1 week later -0.52%, 1 month later -3.54%, 3 months later +11.64% 2026-03-05: ratio 0.987; S&P 500 1 week later -2.31%, 1 month later -3.20%, 3 months later +11.03%	0.993	1.043 2026-03-03	+0.51%	-0.04%	+7.92%
2025-11-18 to 2025-11-20 (2 sessions) 2025-11-18: ratio 1.026; S&P 500 1 week later +2.25%, 1 month later +2.38%, 3 months later +4.42% (counted, episode start) 2025-11-20: ratio 1.023; S&P 500 1 week later +4.75%, 1 month later +5.20%, 3 months later +5.37%	1.026	1.026	+2.25%	+2.38%	+4.42%
2025-10-16 (1 session) 2025-10-16: ratio 1.040; S&P 500 1 week later +1.65%, 1 month later +1.58%, 3 months later +4.69% (counted, episode start)	1.040	1.040	+1.65%	+1.58%	+4.69%
2025-04-30 (1 session) 2025-04-30: ratio 0.982; S&P 500 1 week later +1.12%, 1 month later +6.15%, 3 months later +13.83% (counted, episode start)	0.982	0.982	+1.12%	+6.15%	+13.83%
2025-04-01 to 2025-04-29 (18 sessions) 2025-04-01: ratio 1.121; S&P 500 1 week later -11.54%, 1 month later -0.51%, 3 months later +10.55% (counted, episode start) 2025-04-02: ratio 1.132; S&P 500 1 week later -3.77%, 1 month later +0.28%, 3 months later +10.73% 2025-04-03: ratio 1.245; S&P 500 1 week later -2.38%, 1 month later +4.70%, 3 months later +15.44% 2025-04-04: ratio 1.557; S&P 500 1 week later +5.70%, 1 month later +10.50%, 3 months later +22.69% 2025-04-07: ratio 1.697; S&P 500 1 week later +6.79%, 1 month later +11.24%, 3 months later +23.72% 2025-04-08: ratio 1.630; S&P 500 1 week later +8.31%, 1 month later +13.67%, 3 months later +26.04% 2025-04-09: ratio 1.339; S&P 500 1 week later -3.32%, 1 month later +3.72%, 3 months later +14.71% 2025-04-10: ratio 1.412; S&P 500 1 week later +0.28%, 1 month later +10.94%, 3 months later +18.99% 2025-04-11: ratio 1.278; S&P 500 1 week later -3.83%, 1 month later +9.75%, 3 months later +16.42% 2025-04-14: ratio 1.154; S&P 500 1 week later -2.19%, 1 month later +9.00%, 3 months later +15.87% 2025-04-15: ratio 1.032; S&P 500 1 week later -0.38%, 1 month later +9.64%, 3 months later +16.69% 2025-04-16: ratio 1.074; S&P 500 1 week later +3.96%, 1 month later +12.94%, 3 months later +19.35% 2025-04-21: ratio 1.149; S&P 500 1 week later +7.18%, 1 month later +15.17%, 3 months later +22.32% 2025-04-22: ratio 1.125; S&P 500 1 week later +5.16%, 1 month later +10.53%, 3 months later +20.26% 2025-04-23: ratio 1.097; S&P 500 1 week later +3.59%, 1 month later +8.67%, 3 months later +18.37% 2025-04-24: ratio 1.070; S&P 500 1 week later +2.18%, 1 month later +5.80%, 3 months later +16.48% 2025-04-28: ratio 1.029; S&P 500 1 week later +2.20%, 1 month later +6.51%, 3 months later +15.23% 2025-04-29: ratio 0.989; S&P 500 1 week later +0.83%, 1 month later +6.32%, 3 months later +14.42%	1.121	1.697 2025-04-07	-11.54%	-0.51%	+10.55%
2025-03-04 to 2025-03-31 (15 sessions) 2025-03-04: ratio 1.088; S&P 500 1 week later -3.57%, 1 month later -1.85%, 3 months later +3.33% (counted, episode start) 2025-03-05: ratio 1.054; S&P 500 1 week later -4.16%, 1 month later -7.64%, 3 months later +2.19% 2025-03-06: ratio 1.130; S&P 500 1 week later -3.78%, 1 month later -11.58%, 3 months later +3.50% 2025-03-07: ratio 1.053; S&P 500 1 week later -2.27%, 1 month later -12.27%, 3 months later +3.99% 2025-03-10: ratio 1.213; S&P 500 1 week later +1.08%, 1 month later -11.25%, 3 months later +6.97% 2025-03-11: ratio 1.142; S&P 500 1 week later +0.76%, 1 month later -2.07%, 3 months later +8.38% 2025-03-12: ratio 1.067; S&P 500 1 week later +1.36%, 1 month later -5.92%, 3 months later +7.55% 2025-03-13: ratio 1.054; S&P 500 1 week later +2.56%, 1 month later -2.86%, 3 months later +9.49% 2025-03-14: ratio 0.982; S&P 500 1 week later +0.51%, 1 month later -4.13%, 3 months later +5.99% 2025-03-17: ratio 1.000; S&P 500 1 week later +1.63%, 1 month later -4.91%, 3 months later +6.31% 2025-03-18: ratio 1.028; S&P 500 1 week later +2.89%, 1 month later -6.04%, 3 months later +6.56% 2025-03-26: ratio 1.006; S&P 500 1 week later -0.72%, 1 month later -3.27%, 3 months later +7.51% 2025-03-27: ratio 1.007; S&P 500 1 week later -5.21%, 1 month later -2.89%, 3 months later +8.43% 2025-03-28: ratio 1.031; S&P 500 1 week later -9.08%, 1 month later -0.36%, 3 months later +11.18% 2025-03-31: ratio 1.144; S&P 500 1 week later -9.79%, 1 month later -0.76%, 3 months later +10.45%	1.088	1.213 2025-03-10	-3.57%	-1.85%	+3.33%
2025-02-03 to 2025-03-03 (3 sessions) 2025-02-03: ratio 0.991; S&P 500 1 week later +1.20%, 1 month later -2.53%, 3 months later -5.74% (counted, episode start) 2025-02-27: ratio 0.987; S&P 500 1 week later -2.10%, 1 month later -4.79%, 3 months later +0.86% 2025-03-03: ratio 1.080; S&P 500 1 week later -4.02%, 1 month later -3.70%, 3 months later +1.47%	0.991	1.080 2025-03-03	+1.20%	-2.53%	-5.74%
2024-12-18 to 2024-12-19 (2 sessions) 2024-12-18: ratio 1.461; S&P 500 1 week later +2.82%, 1 month later +3.65%, 3 months later -1.78% (counted, episode start) 2024-12-19: ratio 0.983; S&P 500 1 week later +1.77%, 1 month later +4.29%, 3 months later -1.54%	1.461	1.461	+2.82%	+3.65%	-1.78%
2024-10-28 to 2024-11-05 (7 sessions) 2024-10-28: ratio 1.050; S&P 500 1 week later -1.90%, 1 month later +3.40%, 3 months later +4.25% (counted, episode start) 2024-10-29: ratio 1.091; S&P 500 1 week later -0.86%, 1 month later +2.84%, 3 months later +3.56% 2024-10-30: ratio 1.136; S&P 500 1 week later +1.98%, 1 month later +3.76%, 3 months later +3.11% 2024-10-31: ratio 1.151; S&P 500 1 week later +4.69%, 1 month later +5.99%, 3 months later +5.83% 2024-11-01: ratio 1.071; S&P 500 1 week later +4.66%, 1 month later +5.60%, 3 months later +5.81% 2024-11-04: ratio 1.195; S&P 500 1 week later +5.05%, 1 month later +6.54%, 3 months later +6.49% 2024-11-05: ratio 1.223; S&P 500 1 week later +3.48%, 1 month later +5.06%, 3 months later +4.21%	1.050	1.223 2024-11-05	-1.90%	+3.40%	+4.25%
2024-07-24 to 2024-08-12 (11 sessions) 2024-07-24: ratio 1.074; S&P 500 1 week later +1.75%, 1 month later +2.64%, 3 months later +7.81% (counted, episode start) 2024-07-25: ratio 1.060; S&P 500 1 week later +0.88%, 1 month later +4.36%, 3 months later +7.38% 2024-07-29: ratio 1.013; S&P 500 1 week later -5.07%, 1 month later +2.97%, 3 months later +6.31% 2024-07-30: ratio 1.049; S&P 500 1 week later -3.61%, 1 month later +2.86%, 3 months later +7.12% 2024-08-01: ratio 1.021; S&P 500 1 week later -2.34%, 1 month later +3.70%, 3 months later +6.74% 2024-08-02: ratio 0.999; S&P 500 1 week later -0.04%, 1 month later +3.41%, 3 months later +6.71% 2024-08-05: ratio 1.269; S&P 500 1 week later +3.05%, 1 month later +6.43%, 3 months later +10.46% 2024-08-06: ratio 1.081; S&P 500 1 week later +3.71%, 1 month later +5.03%, 3 months later +9.02% 2024-08-07: ratio 1.083; S&P 500 1 week later +4.92%, 1 month later +4.02%, 3 months later +11.22% 2024-08-08: ratio 0.991; S&P 500 1 week later +4.21%, 1 month later +2.85%, 3 months later +11.46% 2024-08-12: ratio 1.013; S&P 500 1 week later +4.94%, 1 month later +3.92%, 3 months later +12.18%	1.074	1.269 2024-08-05	+1.75%	+2.64%	+7.81%
2024-04-15 to 2024-04-30 (4 sessions) 2024-04-15: ratio 1.062; S&P 500 1 week later -1.01%, 1 month later +3.65%, 3 months later +11.96% (counted, episode start) 2024-04-16: ratio 1.021; S&P 500 1 week later +0.38%, 1 month later +5.08%, 3 months later +10.63% 2024-04-22: ratio 0.990; S&P 500 1 week later +2.11%, 1 month later +6.20%, 3 months later +10.88% 2024-04-30: ratio 1.004; S&P 500 1 week later +3.02%, 1 month later +3.97%, 3 months later +9.66%	1.062	1.062	-1.01%	+3.65%	+11.96%
2024-03-11 to 2024-04-04 (2 sessions) 2024-03-11: ratio 1.000; S&P 500 1 week later +0.62%, 1 month later +0.83%, 3 months later +4.75% (counted, episode start) 2024-04-04: ratio 0.999; S&P 500 1 week later +1.01%, 1 month later -0.38%, 3 months later +8.16%	1.000	1.000	+0.62%	+0.83%	+4.75%
2023-10-30 (1 session) 2023-10-30: ratio 0.993; S&P 500 1 week later +4.78%, 1 month later +9.21%, 3 months later +16.29% (counted, episode start)	0.993	0.993	+4.78%	+9.21%	+16.29%
2023-09-21 to 2023-09-27 (3 sessions) 2023-09-21: ratio 1.035; S&P 500 1 week later -0.70%, 1 month later -2.44%, 3 months later +8.51% (counted, episode start) 2023-09-26: ratio 1.007; S&P 500 1 week later -1.03%, 1 month later -2.03%, 3 months later +11.73% 2023-09-27: ratio 0.990; S&P 500 1 week later -0.25%, 1 month later -3.21%, 3 months later +11.86%	1.035	1.035	-0.70%	-2.44%	+8.51%
2023-03-10 to 2023-03-20 (7 sessions) 2023-03-10: ratio 1.058; S&P 500 1 week later +1.43%, 1 month later +6.41%, 3 months later +11.32% (counted, episode start) 2023-03-13: ratio 1.161; S&P 500 1 week later +2.48%, 1 month later +6.13%, 3 months later +12.53% 2023-03-14: ratio 1.044; S&P 500 1 week later +2.13%, 1 month later +5.79%, 3 months later +11.47% 2023-03-15: ratio 1.078; S&P 500 1 week later +1.16%, 1 month later +6.31%, 3 months later +12.35% 2023-03-16: ratio 1.002; S&P 500 1 week later -0.29%, 1 month later +4.82%, 3 months later +11.76% 2023-03-17: ratio 0.985; S&P 500 1 week later +1.39%, 1 month later +6.08%, 3 months later +12.59% 2023-03-20: ratio 1.002; S&P 500 1 week later +0.66%, 1 month later +5.14%, 3 months later +11.06%	1.058	1.161 2023-03-13	+1.43%	+6.41%	+11.32%
2023-02-09 to 2023-03-09 (5 sessions) 2023-02-09: ratio 1.011; S&P 500 1 week later +0.22%, 1 month later -5.53%, 3 months later +1.20% (counted, episode start) 2023-03-06: ratio 0.981; S&P 500 1 week later -4.76%, 1 month later +1.29%, 3 months later +5.57% 2023-03-07: ratio 1.018; S&P 500 1 week later -1.68%, 1 month later +2.61%, 3 months later +7.46% 2023-03-08: ratio 1.019; S&P 500 1 week later -2.51%, 1 month later +2.83%, 3 months later +6.90% 2023-03-09: ratio 1.113; S&P 500 1 week later +1.07%, 1 month later +4.87%, 3 months later +9.59%	1.011	1.113 2023-03-09	+0.22%	-5.53%	+1.20%
2023-01-05 to 2023-01-31 (8 sessions) 2023-01-05: ratio 1.020; S&P 500 1 week later +4.60%, 1 month later +7.96%, 3 months later +7.80% (counted, episode start) 2023-01-11: ratio 0.986; S&P 500 1 week later -1.78%, 1 month later +3.04%, 3 months later +4.45% 2023-01-23: ratio 0.984; S&P 500 1 week later -0.05%, 1 month later -0.72%, 3 months later +2.92% 2023-01-24: ratio 1.044; S&P 500 1 week later +1.48%, 1 month later -0.12%, 3 months later +1.36% 2023-01-25: ratio 1.051; S&P 500 1 week later +2.56%, 1 month later -1.15%, 3 months later +0.99% 2023-01-26: ratio 1.017; S&P 500 1 week later +2.94%, 1 month later -1.93%, 3 months later +1.85% 2023-01-30: ratio 1.049; S&P 500 1 week later +2.32%, 1 month later -1.65%, 3 months later +3.74% 2023-01-31: ratio 1.045; S&P 500 1 week later +2.14%, 1 month later -2.34%, 3 months later +1.05%	1.020	1.051 2023-01-25	+4.60%	+7.96%	+7.80%
2022-12-06 to 2023-01-04 (7 sessions) 2022-12-06: ratio 1.095; S&P 500 1 week later +1.99%, 1 month later -1.17%, 3 months later -0.58% (counted, episode start) 2022-12-07: ratio 1.115; S&P 500 1 week later +1.56%, 1 month later -1.06%, 3 months later -1.84% 2022-12-08: ratio 1.081; S&P 500 1 week later -1.71%, 1 month later -1.12%, 3 months later -2.72% 2022-12-09: ratio 1.050; S&P 500 1 week later -2.08%, 1 month later +0.90%, 3 months later -0.38% 2022-12-12: ratio 1.151; S&P 500 1 week later -4.33%, 1 month later -0.19%, 3 months later -2.47% 2023-01-03: ratio 1.020; S&P 500 1 week later +2.49%, 1 month later +9.30%, 3 months later +7.23% 2023-01-04: ratio 1.005; S&P 500 1 week later +3.03%, 1 month later +7.36%, 3 months later +6.16%	1.095	1.151 2022-12-12	+1.99%	-1.17%	-0.58%
2022-11-07 to 2022-12-05 (4 sessions) 2022-11-07: ratio 1.034; S&P 500 1 week later +3.95%, 1 month later +3.34%, 3 months later +8.17% (counted, episode start) 2022-11-08: ratio 1.059; S&P 500 1 week later +4.27%, 1 month later +3.54%, 3 months later +6.62% 2022-11-09: ratio 1.036; S&P 500 1 week later +5.61%, 1 month later +4.96%, 3 months later +9.12% 2022-12-05: ratio 0.997; S&P 500 1 week later -0.21%, 1 month later -4.77%, 3 months later -0.17%	1.034	1.059 2022-11-08	+3.95%	+3.34%	+8.17%
2022-10-10 to 2022-11-04 (14 sessions) 2022-10-10: ratio 0.984; S&P 500 1 week later +1.81%, 1 month later +5.97%, 3 months later +8.49% (counted, episode start) 2022-10-11: ratio 1.039; S&P 500 1 week later +3.65%, 1 month later +4.45%, 3 months later +10.61% 2022-10-12: ratio 1.045; S&P 500 1 week later +3.30%, 1 month later +10.60%, 3 months later +11.35% 2022-10-13: ratio 0.991; S&P 500 1 week later -0.11%, 1 month later +8.80%, 3 months later +8.97% 2022-10-24: ratio 1.044; S&P 500 1 week later +1.97%, 1 month later +5.43%, 3 months later +5.76% 2022-10-25: ratio 1.047; S&P 500 1 week later -0.08%, 1 month later +4.36%, 3 months later +5.22% 2022-10-26: ratio 1.030; S&P 500 1 week later -1.85%, 1 month later +5.10%, 3 months later +6.26% 2022-10-27: ratio 1.053; S&P 500 1 week later -2.30%, 1 month later +4.11%, 3 months later +5.53% 2022-10-28: ratio 1.034; S&P 500 1 week later -3.35%, 1 month later +1.45%, 3 months later +4.50% 2022-10-31: ratio 1.107; S&P 500 1 week later -1.68%, 1 month later +5.38%, 3 months later +6.39% 2022-11-01: ratio 1.143; S&P 500 1 week later -0.73%, 1 month later +5.72%, 3 months later +8.39% 2022-11-02: ratio 1.079; S&P 500 1 week later -0.30%, 1 month later +8.30%, 3 months later +10.02% 2022-11-03: ratio 1.064; S&P 500 1 week later +6.36%, 1 month later +7.50%, 3 months later +10.52% 2022-11-04: ratio 1.025; S&P 500 1 week later +5.90%, 1 month later +4.53%, 3 months later +10.43%	0.984	1.143 2022-11-01	+1.81%	+5.97%	+8.49%
2022-09-12 to 2022-10-06 (16 sessions) 2022-09-12: ratio 0.996; S&P 500 1 week later -5.12%, 1 month later -12.69%, 3 months later -4.28% (counted, episode start) 2022-09-13: ratio 1.043; S&P 500 1 week later -1.95%, 1 month later -9.04%, 3 months later +1.47% 2022-09-14: ratio 0.993; S&P 500 1 week later -3.96%, 1 month later -7.00%, 3 months later +1.87% 2022-09-15: ratio 0.982; S&P 500 1 week later -3.67%, 1 month later -8.16%, 3 months later +2.41% 2022-09-19: ratio 1.028; S&P 500 1 week later -6.28%, 1 month later -4.61%, 3 months later -1.22% 2022-09-20: ratio 1.090; S&P 500 1 week later -5.41%, 1 month later -4.17%, 3 months later -0.99% 2022-09-21: ratio 1.055; S&P 500 1 week later -1.87%, 1 month later -3.28%, 3 months later +0.84% 2022-09-22: ratio 0.981; S&P 500 1 week later -3.13%, 1 month later -0.14%, 3 months later +3.21% 2022-09-23: ratio 0.998; S&P 500 1 week later -2.91%, 1 month later +2.82%, 3 months later +3.50% 2022-09-26: ratio 1.075; S&P 500 1 week later +0.64%, 1 month later +5.58%, 3 months later +5.19% 2022-09-27: ratio 1.043; S&P 500 1 week later +3.94%, 1 month later +5.03%, 3 months later +4.99% 2022-09-28: ratio 1.019; S&P 500 1 week later +1.73%, 1 month later +2.37%, 3 months later +1.73% 2022-09-29: ratio 1.029; S&P 500 1 week later +2.86%, 1 month later +7.16%, 3 months later +5.74% 2022-10-03: ratio 0.999; S&P 500 1 week later -1.80%, 1 month later +4.83%, 3 months later +3.96% 2022-10-04: ratio 1.005; S&P 500 1 week later -5.33%, 1 month later -0.82%, 3 months later +1.64% 2022-10-06: ratio 1.017; S&P 500 1 week later -1.99%, 1 month later +0.70%, 3 months later +4.02%	0.996	1.090 2022-09-20	-5.12%	-12.69%	-4.28%
2022-06-09 to 2022-06-16 (5 sessions) 2022-06-09: ratio 0.983; S&P 500 1 week later -8.74%, 1 month later -4.95%, 3 months later +1.23% (counted, episode start) 2022-06-13: ratio 1.135; S&P 500 1 week later +0.40%, 1 month later +1.09%, 3 months later +4.88% 2022-06-14: ratio 1.110; S&P 500 1 week later +0.65%, 1 month later +3.42%, 3 months later +5.64% 2022-06-15: ratio 1.057; S&P 500 1 week later +0.15%, 1 month later +1.08%, 3 months later +2.94% 2022-06-16: ratio 1.092; S&P 500 1 week later +6.68%, 1 month later +7.36%, 3 months later +5.63%	0.983	1.135 2022-06-13	-8.74%	-4.95%	+1.23%
2022-04-25 to 2022-05-19 (14 sessions) 2022-04-25: ratio 0.996; S&P 500 1 week later -3.28%, 1 month later -8.25%, 3 months later -8.73% (counted, episode start) 2022-04-26: ratio 1.139; S&P 500 1 week later +0.01%, 1 month later -4.71%, 3 months later -3.63% 2022-04-27: ratio 1.081; S&P 500 1 week later +2.78%, 1 month later -3.01%, 3 months later -2.67% 2022-04-28: ratio 1.035; S&P 500 1 week later -3.28%, 1 month later -3.01%, 3 months later -3.67% 2022-04-29: ratio 1.088; S&P 500 1 week later -0.21%, 1 month later +0.01%, 3 months later -0.32% 2022-05-02: ratio 1.072; S&P 500 1 week later -3.95%, 1 month later -1.30%, 3 months later -1.54% 2022-05-03: ratio 1.026; S&P 500 1 week later -4.18%, 1 month later +0.03%, 3 months later -0.49% 2022-05-05: ratio 1.017; S&P 500 1 week later -5.23%, 1 month later -0.61%, 3 months later -0.04% 2022-05-09: ratio 1.046; S&P 500 1 week later +0.42%, 1 month later +3.12%, 3 months later +3.29% 2022-05-10: ratio 1.022; S&P 500 1 week later +2.19%, 1 month later +0.42%, 3 months later +5.23% 2022-05-11: ratio 1.009; S&P 500 1 week later -0.29%, 1 month later -0.87%, 3 months later +6.91% 2022-05-12: ratio 1.007; S&P 500 1 week later -0.75%, 1 month later -4.59%, 3 months later +8.91% 2022-05-18: ratio 0.985; S&P 500 1 week later +1.40%, 1 month later -6.34%, 3 months later +9.18% 2022-05-19: ratio 0.997; S&P 500 1 week later +4.03%, 1 month later -3.49%, 3 months later +8.40%	0.996	1.139 2022-04-26	-3.28%	-8.25%	-8.73%
2022-02-22 to 2022-03-14 (10 sessions) 2022-02-22: ratio 0.983; S&P 500 1 week later +0.03%, 1 month later +3.52%, 3 months later -7.69% (counted, episode start) 2022-02-23: ratio 0.995; S&P 500 1 week later +3.81%, 1 month later +6.97%, 3 months later -6.72% 2022-02-24: ratio 1.000; S&P 500 1 week later +1.74%, 1 month later +5.93%, 3 months later -7.23% 2022-02-28: ratio 1.062; S&P 500 1 week later -3.95%, 1 month later +5.89%, 3 months later -4.93% 2022-03-01: ratio 1.068; S&P 500 1 week later -3.15%, 1 month later +6.88%, 3 months later -4.04% 2022-03-02: ratio 0.994; S&P 500 1 week later -2.48%, 1 month later +3.28%, 3 months later -6.50% 2022-03-07: ratio 1.079; S&P 500 1 week later -0.67%, 1 month later +7.71%, 3 months later -1.90% 2022-03-08: ratio 1.047; S&P 500 1 week later +2.20%, 1 month later +7.44%, 3 months later -0.24% 2022-03-09: ratio 1.012; S&P 500 1 week later +1.87%, 1 month later +5.20%, 3 months later -3.79% 2022-03-14: ratio 1.027; S&P 500 1 week later +6.90%, 1 month later +5.38%, 3 months later -10.15%	0.983	1.079 2022-03-07	+0.03%	+3.52%	-7.69%
2022-01-20 to 2022-01-27 (6 sessions) 2022-01-20: ratio 0.981; S&P 500 1 week later -3.48%, 1 month later -2.99%, 3 months later -1.99% (counted, episode start) 2022-01-21: ratio 1.030; S&P 500 1 week later +0.77%, 1 month later -2.12%, 3 months later -2.87% 2022-01-24: ratio 1.162; S&P 500 1 week later +2.39%, 1 month later -4.19%, 3 months later -2.59% 2022-01-25: ratio 1.171; S&P 500 1 week later +4.36%, 1 month later -1.56%, 3 months later -4.16% 2022-01-26: ratio 1.171; S&P 500 1 week later +5.50%, 1 month later +0.80%, 3 months later -3.82% 2022-01-27: ratio 1.070; S&P 500 1 week later +3.49%, 1 month later +1.10%, 3 months later -0.90%	0.981	1.171 2022-01-25	-3.48%	-2.99%	-1.99%
2021-11-26 to 2021-12-03 (4 sessions) 2021-11-26: ratio 1.049; S&P 500 1 week later -1.22%, 1 month later +4.17%, 3 months later -4.80% (counted, episode start) 2021-11-30: ratio 1.009; S&P 500 1 week later +2.62%, 1 month later +4.64%, 3 months later -3.95% 2021-12-01: ratio 1.102; S&P 500 1 week later +4.17%, 1 month later +5.61%, 3 months later -3.31% 2021-12-03: ratio 0.998; S&P 500 1 week later +3.82%, 1 month later +5.62%, 3 months later -7.43%	1.049	1.102 2021-12-01	-1.22%	+4.17%	-4.80%
2021-09-20 to 2021-09-28 (3 sessions) 2021-09-20: ratio 1.049; S&P 500 1 week later +1.96%, 1 month later +3.72%, 3 months later +6.03% (counted, episode start) 2021-09-21: ratio 0.987; S&P 500 1 week later -0.04%, 1 month later +4.18%, 3 months later +4.91% 2021-09-28: ratio 1.022; S&P 500 1 week later -0.16%, 1 month later +4.57%, 3 months later +9.96%	1.049	1.049	+1.96%	+3.72%	+6.03%
2021-05-12 (1 session) 2021-05-12: ratio 1.049; S&P 500 1 week later +1.30%, 1 month later +4.54%, 3 months later +9.47% (counted, episode start)	1.049	1.049	+1.30%	+4.54%	+9.47%
2021-02-25 to 2021-02-26 (2 sessions) 2021-02-25: ratio 1.052; S&P 500 1 week later -1.59%, 1 month later +3.79%, 3 months later +9.57% (counted, episode start) 2021-02-26: ratio 0.994; S&P 500 1 week later +0.81%, 1 month later +4.20%, 3 months later +10.23%	1.052	1.052	-1.59%	+3.79%	+9.57%
2021-01-27 (1 session) 2021-01-27: ratio 1.165; S&P 500 1 week later +2.12%, 1 month later +1.61%, 3 months later +11.53% (counted, episode start)	1.165	1.165	+2.12%	+1.61%	+11.53%
2020-10-26 to 2020-11-09 (9 sessions) 2020-10-26: ratio 1.120; S&P 500 1 week later -2.67%, 1 month later +6.89%, 3 months later +10.29% (counted, episode start) 2020-10-27: ratio 1.140; S&P 500 1 week later -0.63%, 1 month later +7.05%, 3 months later +11.70% 2020-10-28: ratio 1.269; S&P 500 1 week later +5.27%, 1 month later +11.23%, 3 months later +13.55% 2020-10-29: ratio 1.237; S&P 500 1 week later +6.05%, 1 month later +9.41%, 3 months later +14.01% 2020-10-30: ratio 1.222; S&P 500 1 week later +7.32%, 1 month later +12.00%, 3 months later +17.01% 2020-11-02: ratio 1.251; S&P 500 1 week later +7.26%, 1 month later +10.84%, 3 months later +15.71% 2020-11-03: ratio 1.289; S&P 500 1 week later +5.23%, 1 month later +8.83%, 3 months later +14.92% 2020-11-04: ratio 1.083; S&P 500 1 week later +3.75%, 1 month later +7.43%, 3 months later +12.88% 2020-11-09: ratio 0.994; S&P 500 1 week later +2.15%, 1 month later +3.45%, 3 months later +10.12%	1.120	1.289 2020-11-03	-2.67%	+6.89%	+10.29%
2020-06-11 to 2020-06-16 (3 sessions) 2020-06-11: ratio 1.040; S&P 500 1 week later +3.77%, 1 month later +5.10%, 3 months later +11.23% (counted, episode start) 2020-06-15: ratio 0.988; S&P 500 1 week later +1.67%, 1 month later +5.22%, 3 months later +10.34% 2020-06-16: ratio 0.988; S&P 500 1 week later +0.21%, 1 month later +2.91%, 3 months later +8.85%	1.040	1.040	+3.77%	+5.10%	+11.23%
2020-04-22 (1 session) 2020-04-22: ratio 0.983; S&P 500 1 week later +5.01%, 1 month later +5.33%, 3 months later +17.03% (counted, episode start)	0.983	0.983	+5.01%	+5.33%	+17.03%
2020-03-24 to 2020-04-21 (19 sessions) 2020-03-24: ratio 1.498; S&P 500 1 week later +5.61%, 1 month later +14.32%, 3 months later +27.95% (counted, episode start) 2020-03-25: ratio 1.510; S&P 500 1 week later -0.20%, 1 month later +14.59%, 3 months later +23.22% 2020-03-26: ratio 1.478; S&P 500 1 week later -3.92%, 1 month later +9.44%, 3 months later +17.25% 2020-03-27: ratio 1.297; S&P 500 1 week later -2.08%, 1 month later +12.67%, 3 months later +18.40% 2020-03-30: ratio 1.225; S&P 500 1 week later +1.41%, 1 month later +11.91%, 3 months later +16.24% 2020-03-31: ratio 1.245; S&P 500 1 week later +2.89%, 1 month later +12.68%, 3 months later +19.95% 2020-04-01: ratio 1.199; S&P 500 1 week later +11.31%, 1 month later +14.58%, 3 months later +26.12% 2020-04-02: ratio 1.117; S&P 500 1 week later +10.40%, 1 month later +12.50%, 3 months later +23.87% 2020-04-03: ratio 1.041; S&P 500 1 week later +10.97%, 1 month later +15.26%, 3 months later +27.77% 2020-04-06: ratio 1.091; S&P 500 1 week later +6.85%, 1 month later +6.94%, 3 months later +18.08% 2020-04-07: ratio 1.113; S&P 500 1 week later +4.66%, 1 month later +8.34%, 3 months later +19.20% 2020-04-08: ratio 1.021; S&P 500 1 week later +1.80%, 1 month later +6.54%, 3 months later +14.62% 2020-04-09: ratio 0.995; S&P 500 1 week later +3.04%, 1 month later +5.04%, 3 months later +14.17% 2020-04-13: ratio 1.044; S&P 500 1 week later +2.23%, 1 month later +3.93%, 3 months later +14.25% 2020-04-14: ratio 1.065; S&P 500 1 week later -3.85%, 1 month later -0.92%, 3 months later +12.35% 2020-04-15: ratio 1.060; S&P 500 1 week later +0.57%, 1 month later +2.48%, 3 months later +15.92% 2020-04-16: ratio 1.033; S&P 500 1 week later -0.06%, 1 month later +2.29%, 3 months later +14.86% 2020-04-20: ratio 1.074; S&P 500 1 week later +1.96%, 1 month later +3.53%, 3 months later +15.18% 2020-04-21: ratio 1.050; S&P 500 1 week later +4.63%, 1 month later +8.59%, 3 months later +19.03%	1.498	1.510 2020-03-25	+5.61%	+14.32%	+27.95%
2020-02-25 to 2020-03-23 (20 sessions) 2020-02-25: ratio 1.524; S&P 500 1 week later -3.99%, 1 month later -20.86%, 3 months later -4.36% (counted, episode start) 2020-02-26: ratio 1.470; S&P 500 1 week later +0.44%, 1 month later -15.61%, 3 months later -2.58% 2020-02-27: ratio 1.829; S&P 500 1 week later +1.52%, 1 month later -14.68%, 3 months later +1.71% 2020-02-28: ratio 1.772; S&P 500 1 week later +0.61%, 1 month later -11.09%, 3 months later +3.05% 2020-03-02: ratio 1.522; S&P 500 1 week later -11.12%, 1 month later -16.36%, 3 months later -1.12% 2020-03-03: ratio 1.569; S&P 500 1 week later -4.03%, 1 month later -17.74%, 3 months later +2.58% 2020-03-04: ratio 1.347; S&P 500 1 week later -12.42%, 1 month later -19.27%, 3 months later -0.23% 2020-03-05: ratio 1.493; S&P 500 1 week later -17.97%, 1 month later -17.70%, 3 months later +2.92% 2020-03-06: ratio 1.369; S&P 500 1 week later -8.80%, 1 month later -10.39%, 3 months later +7.45% 2020-03-09: ratio 1.633; S&P 500 1 week later -13.12%, 1 month later -3.17%, 3 months later +17.69% 2020-03-10: ratio 1.455; S&P 500 1 week later -12.25%, 1 month later -4.59%, 3 months later +11.27% 2020-03-11: ratio 1.537; S&P 500 1 week later -12.52%, 1 month later +1.77%, 3 months later +16.37% 2020-03-12: ratio 1.809; S&P 500 1 week later -2.87%, 1 month later +11.33%, 3 months later +21.02% 2020-03-13: ratio 1.446; S&P 500 1 week later -14.98%, 1 month later +4.98%, 3 months later +12.19% 2020-03-16: ratio 1.575; S&P 500 1 week later -6.23%, 1 month later +16.65%, 3 months later +28.52% 2020-03-17: ratio 1.424; S&P 500 1 week later -3.24%, 1 month later +10.69%, 3 months later +23.55% 2020-03-18: ratio 1.332; S&P 500 1 week later +3.23%, 1 month later +19.87%, 3 months later +29.83% 2020-03-19: ratio 1.310; S&P 500 1 week later +9.16%, 1 month later +17.17%, 3 months later +29.30% 2020-03-20: ratio 1.273; S&P 500 1 week later +10.26%, 1 month later +18.73%, 3 months later +34.40% 2020-03-23: ratio 1.391; S&P 500 1 week later +17.40%, 1 month later +25.11%, 3 months later +39.35%	1.524	1.829 2020-02-27	-3.99%	-20.86%	-4.36%
2020-01-27 to 2020-02-24 (7 sessions) 2020-01-27: ratio 1.173; S&P 500 1 week later +0.16%, 1 month later -3.92%, 3 months later -11.26% (counted, episode start) 2020-01-28: ratio 1.077; S&P 500 1 week later +0.65%, 1 month later -9.08%, 3 months later -12.60% 2020-01-29: ratio 1.064; S&P 500 1 week later +1.87%, 1 month later -9.75%, 3 months later -10.20% 2020-01-30: ratio 0.989; S&P 500 1 week later +1.89%, 1 month later -5.89%, 3 months later -11.31% 2020-01-31: ratio 1.163; S&P 500 1 week later +3.17%, 1 month later -6.89%, 3 months later -12.24% 2020-02-03: ratio 1.066; S&P 500 1 week later +3.18%, 1 month later -3.66%, 3 months later -12.50% 2020-02-24: ratio 1.455; S&P 500 1 week later -4.21%, 1 month later -24.13%, 3 months later -8.38%	1.173	1.455 2020-02-24	+0.16%	-3.92%	-11.26%
2019-12-09 (1 session) 2019-12-09: ratio 0.986; S&P 500 1 week later +1.77%, 1 month later +4.42%, 3 months later -12.58% (counted, episode start)	0.986	0.986	+1.77%	+4.42%	-12.58%
2019-10-02 to 2019-10-08 (3 sessions) 2019-10-02: ratio 1.047; S&P 500 1 week later +1.10%, 1 month later +5.19%, 3 months later +12.82% (counted, episode start) 2019-10-03: ratio 0.985; S&P 500 1 week later +0.94%, 1 month later +5.37%, 3 months later +11.14% 2019-10-08: ratio 0.995; S&P 500 1 week later +3.55%, 1 month later +6.35%, 3 months later +12.44%	1.047	1.047	+1.10%	+5.19%	+12.82%
2019-07-31 to 2019-08-27 (12 sessions) 2019-07-31: ratio 1.089; S&P 500 1 week later -3.23%, 1 month later -1.87%, 3 months later +1.90% (counted, episode start) 2019-08-01: ratio 1.074; S&P 500 1 week later -0.52%, 1 month later -0.92%, 3 months later +3.16% 2019-08-02: ratio 0.989; S&P 500 1 week later -0.46%, 1 month later -0.88%, 3 months later +3.60% 2019-08-05: ratio 1.331; S&P 500 1 week later +1.37%, 1 month later +3.27%, 3 months later +7.81% 2019-08-06: ratio 1.109; S&P 500 1 week later +1.55%, 1 month later +3.27%, 3 months later +6.82% 2019-08-07: ratio 1.074; S&P 500 1 week later -1.50%, 1 month later +3.28%, 3 months later +6.61% 2019-08-12: ratio 1.095; S&P 500 1 week later +1.38%, 1 month later +4.06%, 3 months later +7.26% 2019-08-14: ratio 1.147; S&P 500 1 week later +2.95%, 1 month later +5.87%, 3 months later +8.84% 2019-08-15: ratio 1.065; S&P 500 1 week later +2.65%, 1 month later +5.28%, 3 months later +8.65% 2019-08-23: ratio 1.058; S&P 500 1 week later +2.79%, 1 month later +4.20%, 3 months later +9.01% 2019-08-26: ratio 1.000; S&P 500 1 week later +0.97%, 1 month later +3.70%, 3 months later +8.06% 2019-08-27: ratio 1.008; S&P 500 1 week later +2.39%, 1 month later +3.78%, 3 months later +9.22%	1.089	1.331 2019-08-05	-3.23%	-1.87%	+1.90%
2019-06-25 to 2019-06-26 (2 sessions) 2019-06-25: ratio 0.994; S&P 500 1 week later +1.91%, 1 month later +2.96%, 3 months later +1.69% (counted, episode start) 2019-06-26: ratio 0.985; S&P 500 1 week later +2.82%, 1 month later +3.85%, 3 months later +2.44%	0.994	0.994	+1.91%	+2.96%	+1.69%
2019-05-07 to 2019-06-03 (11 sessions) 2019-05-07: ratio 1.104; S&P 500 1 week later -1.72%, 1 month later -1.41%, 3 months later -0.08% (counted, episode start) 2019-05-08: ratio 1.138; S&P 500 1 week later -0.99%, 1 month later -0.21%, 3 months later +0.16% 2019-05-09: ratio 1.185; S&P 500 1 week later +0.20%, 1 month later +0.56%, 3 months later +2.35% 2019-05-10: ratio 0.981; S&P 500 1 week later -0.76%, 1 month later +0.15%, 3 months later +1.29% 2019-05-13: ratio 1.150; S&P 500 1 week later +1.01%, 1 month later +2.42%, 3 months later +2.56% 2019-05-14: ratio 1.026; S&P 500 1 week later +1.06%, 1 month later +2.02%, 3 months later +3.24% 2019-05-23: ratio 0.984; S&P 500 1 week later -2.49%, 1 month later +4.36%, 3 months later +3.57% 2019-05-28: ratio 1.004; S&P 500 1 week later +0.03%, 1 month later +3.97%, 3 months later +2.71% 2019-05-29: ratio 1.006; S&P 500 1 week later +1.55%, 1 month later +5.10%, 3 months later +3.10% 2019-05-31: ratio 1.009; S&P 500 1 week later +4.41%, 1 month later +7.71%, 3 months later +6.27% 2019-06-03: ratio 1.026; S&P 500 1 week later +5.18%, 1 month later +8.33%, 3 months later +6.63%	1.104	1.185 2019-05-09	-1.72%	-1.41%	-0.08%
2019-01-22 to 2019-01-29 (3 sessions) 2019-01-22: ratio 1.027; S&P 500 1 week later +0.27%, 1 month later +5.39%, 3 months later +11.42% (counted, episode start) 2019-01-28: ratio 0.995; S&P 500 1 week later +3.06%, 1 month later +5.62%, 3 months later +11.32% 2019-01-29: ratio 1.018; S&P 500 1 week later +3.70%, 1 month later +5.77%, 3 months later +11.58%	1.027	1.027	+0.27%	+5.39%	+11.42%
2018-12-12 to 2019-01-07 (15 sessions) 2018-12-12: ratio 1.049; S&P 500 1 week later -5.44%, 1 month later -2.58%, 3 months later +6.47% (counted, episode start) 2018-12-14: ratio 1.006; S&P 500 1 week later -7.05%, 1 month later +0.62%, 3 months later +8.95% 2018-12-17: ratio 1.196; S&P 500 1 week later -7.65%, 1 month later +3.54%, 3 months later +10.93% 2018-12-18: ratio 1.193; S&P 500 1 week later -3.08%, 1 month later +4.89%, 3 months later +12.12% 2018-12-19: ratio 1.089; S&P 500 1 week later -0.72%, 1 month later +5.02%, 3 months later +11.72% 2018-12-20: ratio 1.236; S&P 500 1 week later +0.74%, 1 month later +6.94%, 3 months later +13.41% 2018-12-21: ratio 1.259; S&P 500 1 week later +3.74%, 1 month later +9.34%, 3 months later +16.63% 2018-12-24: ratio 1.470; S&P 500 1 week later +6.76%, 1 month later +13.34%, 3 months later +19.32% 2018-12-26: ratio 1.320; S&P 500 1 week later -0.80%, 1 month later +7.14%, 3 months later +14.09% 2018-12-27: ratio 1.328; S&P 500 1 week later +1.73%, 1 month later +6.07%, 3 months later +13.88% 2018-12-28: ratio 1.250; S&P 500 1 week later +2.57%, 1 month later +7.86%, 3 months later +15.35% 2018-12-31: ratio 1.204; S&P 500 1 week later +2.70%, 1 month later +7.87%, 3 months later +14.38% 2019-01-02: ratio 1.003; S&P 500 1 week later +2.99%, 1 month later +7.83%, 3 months later +14.48% 2019-01-03: ratio 1.103; S&P 500 1 week later +6.08%, 1 month later +11.32%, 3 months later +17.63% 2019-01-07: ratio 0.993; S&P 500 1 week later +1.29%, 1 month later +7.13%, 3 months later +13.57%	1.049	1.470 2018-12-24	-5.44%	-2.58%	+6.47%
2018-11-12 to 2018-12-11 (15 sessions) 2018-11-12: ratio 1.023; S&P 500 1 week later -1.30%, 1 month later -2.78%, 3 months later +0.72% (counted, episode start) 2018-11-14: ratio 1.008; S&P 500 1 week later -1.91%, 1 month later -5.76%, 3 months later +2.89% 2018-11-19: ratio 0.990; S&P 500 1 week later -0.32%, 1 month later -8.30%, 3 months later +3.79% 2018-11-20: ratio 1.061; S&P 500 1 week later +3.86%, 1 month later -8.53%, 3 months later +5.84% 2018-11-23: ratio 0.985; S&P 500 1 week later +4.85%, 1 month later -6.26%, 3 months later +6.07% 2018-11-26: ratio 0.997; S&P 500 1 week later +4.37%, 1 month later -6.91%, 3 months later +4.45% 2018-11-27: ratio 1.057; S&P 500 1 week later +0.67%, 1 month later -7.32%, 3 months later +4.53% 2018-11-28: ratio 1.137; S&P 500 1 week later -1.74%, 1 month later -8.64%, 3 months later +1.79% 2018-11-29: ratio 1.142; S&P 500 1 week later -3.82%, 1 month later -8.32%, 3 months later +1.89% 2018-11-30: ratio 1.171; S&P 500 1 week later -4.44%, 1 month later -11.31%, 3 months later +0.41% 2018-12-04: ratio 1.211; S&P 500 1 week later -1.81%, 1 month later -5.57%, 3 months later +1.59% 2018-12-06: ratio 1.190; S&P 500 1 week later -1.68%, 1 month later -4.51%, 3 months later +3.24% 2018-12-07: ratio 1.224; S&P 500 1 week later -1.26%, 1 month later -1.83%, 3 months later +6.02% 2018-12-10: ratio 1.147; S&P 500 1 week later -3.48%, 1 month later -1.56%, 3 months later +6.57% 2018-12-11: ratio 1.095; S&P 500 1 week later -3.44%, 1 month later -1.54%, 3 months later +6.51%	1.023	1.224 2018-12-07	-1.30%	-2.78%	+0.72%
2018-10-10 to 2018-11-06 (20 sessions) 2018-10-10: ratio 1.255; S&P 500 1 week later +0.84%, 1 month later +0.76%, 3 months later -6.80% (counted, episode start) 2018-10-11: ratio 1.372; S&P 500 1 week later +1.48%, 1 month later +1.93%, 3 months later -5.34% 2018-10-12: ratio 1.151; S&P 500 1 week later +0.02%, 1 month later -1.48%, 3 months later -5.67% 2018-10-15: ratio 1.178; S&P 500 1 week later +0.19%, 1 month later -1.04%, 3 months later -4.90% 2018-10-16: ratio 0.994; S&P 500 1 week later -2.46%, 1 month later -3.86%, 3 months later -6.19% 2018-10-17: ratio 0.981; S&P 500 1 week later -5.45%, 1 month later -2.81%, 3 months later -4.93% 2018-10-18: ratio 1.123; S&P 500 1 week later -2.28%, 1 month later -1.17%, 3 months later -4.91% 2018-10-19: ratio 1.065; S&P 500 1 week later -3.94%, 1 month later -2.78%, 3 months later -4.66% 2018-10-22: ratio 1.043; S&P 500 1 week later -4.16%, 1 month later -4.14%, 3 months later -4.12% 2018-10-23: ratio 1.155; S&P 500 1 week later -2.12%, 1 month later -3.31%, 3 months later -2.77% 2018-10-24: ratio 1.411; S&P 500 1 week later +2.09%, 1 month later -0.89%, 3 months later -0.46% 2018-10-25: ratio 1.320; S&P 500 1 week later +1.29%, 1 month later -1.19%, 3 months later -2.42% 2018-10-26: ratio 1.330; S&P 500 1 week later +2.42%, 1 month later +0.88%, 3 months later +0.84% 2018-10-29: ratio 1.346; S&P 500 1 week later +3.67%, 1 month later +3.88%, 3 months later +2.38% 2018-10-30: ratio 1.299; S&P 500 1 week later +2.71%, 1 month later +2.06%, 3 months later +0.89% 2018-10-31: ratio 1.190; S&P 500 1 week later +3.77%, 1 month later +1.79%, 3 months later +0.48% 2018-11-01: ratio 1.073; S&P 500 1 week later +2.43%, 1 month later +1.82%, 3 months later -0.10% 2018-11-02: ratio 1.043; S&P 500 1 week later +2.13%, 1 month later -0.84%, 3 months later +0.31% 2018-11-05: ratio 1.071; S&P 500 1 week later -0.44%, 1 month later -1.55%, 3 months later -1.18% 2018-11-06: ratio 1.104; S&P 500 1 week later -1.21%, 1 month later -4.44%, 3 months later -1.73%	1.255	1.411 2018-10-24	+0.84%	+0.76%	-6.80%
2018-06-27 (1 session) 2018-06-27: ratio 0.992; S&P 500 1 week later +1.37%, 1 month later +4.42%, 3 months later +7.64% (counted, episode start)	0.992	0.992	+1.37%	+4.42%	+7.64%
2018-05-29 to 2018-06-25 (2 sessions) 2018-05-29: ratio 1.006; S&P 500 1 week later +2.19%, 1 month later +0.36%, 3 months later +7.69% (counted, episode start) 2018-06-25: ratio 1.009; S&P 500 1 week later +0.35%, 1 month later +4.75%, 3 months later +7.45%	1.006	1.009 2018-06-25	+2.19%	+0.36%	+7.69%
2018-03-29 to 2018-04-25 (11 sessions) 2018-03-29: ratio 1.001; S&P 500 1 week later -1.38%, 1 month later +0.27%, 3 months later +2.86% (counted, episode start) 2018-04-02: ratio 1.210; S&P 500 1 week later +1.21%, 1 month later +2.82%, 3 months later +5.29% 2018-04-03: ratio 1.117; S&P 500 1 week later +1.62%, 1 month later +0.81%, 3 months later +4.29% 2018-04-04: ratio 1.075; S&P 500 1 week later -0.09%, 1 month later -0.57%, 3 months later +2.59% 2018-04-05: ratio 1.016; S&P 500 1 week later +0.04%, 1 month later +0.02%, 3 months later +2.77% 2018-04-06: ratio 1.088; S&P 500 1 week later +1.99%, 1 month later +2.62%, 3 months later +5.96% 2018-04-09: ratio 1.123; S&P 500 1 week later +2.48%, 1 month later +2.25%, 3 months later +6.54% 2018-04-10: ratio 1.026; S&P 500 1 week later +1.86%, 1 month later +1.54%, 3 months later +5.16% 2018-04-11: ratio 1.000; S&P 500 1 week later +2.51%, 1 month later +3.06%, 3 months later +4.99% 2018-04-24: ratio 1.052; S&P 500 1 week later +0.77%, 1 month later +3.75%, 3 months later +7.05% 2018-04-25: ratio 1.026; S&P 500 1 week later -0.14%, 1 month later +3.35%, 3 months later +7.83%	1.001	1.210 2018-04-02	-1.38%	+0.27%	+2.86%
2018-03-01 to 2018-03-28 (9 sessions) 2018-03-01: ratio 1.115; S&P 500 1 week later +2.29%, 1 month later -3.58%, 3 months later +1.03% (counted, episode start) 2018-03-19: ratio 1.133; S&P 500 1 week later -2.00%, 1 month later -0.16%, 3 months later +2.24% 2018-03-20: ratio 1.043; S&P 500 1 week later -3.84%, 1 month later -0.88%, 3 months later +1.68% 2018-03-21: ratio 0.990; S&P 500 1 week later -3.94%, 1 month later -1.54%, 3 months later +2.04% 2018-03-22: ratio 1.215; S&P 500 1 week later -0.11%, 1 month later +1.01%, 3 months later +4.01% 2018-03-23: ratio 1.238; S&P 500 1 week later -0.25%, 1 month later +1.79%, 3 months later +6.44% 2018-03-26: ratio 1.076; S&P 500 1 week later -1.66%, 1 month later -0.72%, 3 months later +2.20% 2018-03-27: ratio 1.046; S&P 500 1 week later +1.23%, 1 month later +2.08%, 3 months later +4.23% 2018-03-28: ratio 1.118; S&P 500 1 week later +2.22%, 1 month later +2.49%, 3 months later +3.63%	1.115	1.238 2018-03-23	+2.29%	-3.58%	+1.03%
2018-01-29 to 2018-02-21 (12 sessions) 2018-01-29: ratio 0.995; S&P 500 1 week later -7.17%, 1 month later -4.90%, 3 months later -7.20% (counted, episode start) 2018-01-30: ratio 1.023; S&P 500 1 week later -4.51%, 1 month later -5.13%, 3 months later -5.94% 2018-02-02: ratio 1.107; S&P 500 1 week later -5.16%, 1 month later -1.23%, 3 months later -3.57% 2018-02-05: ratio 2.110; S&P 500 1 week later +0.27%, 1 month later +2.94%, 3 months later +0.89% 2018-02-06: ratio 1.661; S&P 500 1 week later -1.19%, 1 month later +1.63%, 3 months later -0.86% 2018-02-07: ratio 1.427; S&P 500 1 week later +0.63%, 1 month later +3.91%, 3 months later +0.60% 2018-02-08: ratio 1.516; S&P 500 1 week later +5.82%, 1 month later +7.83%, 3 months later +5.50% 2018-02-09: ratio 1.270; S&P 500 1 week later +4.30%, 1 month later +5.56%, 3 months later +4.13% 2018-02-12: ratio 1.174; S&P 500 1 week later +2.27%, 1 month later +3.52%, 3 months later +2.79% 2018-02-13: ratio 1.117; S&P 500 1 week later +1.44%, 1 month later +3.17%, 3 months later +1.82% 2018-02-20: ratio 1.032; S&P 500 1 week later +1.03%, 1 month later -0.16%, 3 months later +0.62% 2018-02-21: ratio 0.999; S&P 500 1 week later +0.46%, 1 month later -2.13%, 3 months later +0.86%	0.995	2.110 2018-02-05	-7.17%	-4.90%	-7.20%
2017-08-10 (1 session) 2017-08-10: ratio 1.100; S&P 500 1 week later -0.34%, 1 month later +2.05%, 3 months later +6.41% (counted, episode start)	1.100	1.100	-0.34%	+2.05%	+6.41%
2017-05-18 (1 session) 2017-05-18: ratio 1.114; S&P 500 1 week later +2.09%, 1 month later +3.71%, 3 months later +2.72% (counted, episode start)	1.114	1.114	+2.09%	+3.71%	+2.72%
2017-04-20 to 2017-05-17 (3 sessions) 2017-04-20: ratio 1.089; S&P 500 1 week later +1.40%, 1 month later +1.10%, 3 months later +4.99% (counted, episode start) 2017-04-21: ratio 1.159; S&P 500 1 week later +1.51%, 1 month later +1.93%, 3 months later +5.27% 2017-05-17: ratio 1.293; S&P 500 1 week later +2.01%, 1 month later +3.23%, 3 months later +4.71%	1.089	1.293 2017-05-17	+1.40%	+1.10%	+4.99%
2017-03-22 to 2017-04-19 (3 sessions) 2017-03-22: ratio 0.988; S&P 500 1 week later +0.54%, 1 month later +0.01%, 3 months later +3.71% (counted, episode start) 2017-03-23: ratio 1.015; S&P 500 1 week later +0.94%, 1 month later +1.20%, 3 months later +3.77% 2017-04-19: ratio 1.074; S&P 500 1 week later +2.11%, 1 month later +1.18%, 3 months later +5.80%	0.988	1.074 2017-04-19	+0.54%	+0.01%	+3.71%
2016-10-31 to 2016-11-08 (7 sessions) 2016-10-31: ratio 1.131; S&P 500 1 week later +0.25%, 1 month later +3.42%, 3 months later +7.21% (counted, episode start) 2016-11-01: ratio 1.220; S&P 500 1 week later +1.32%, 1 month later +3.76%, 3 months later +8.01% 2016-11-02: ratio 1.260; S&P 500 1 week later +3.11%, 1 month later +4.48%, 3 months later +9.51% 2016-11-03: ratio 1.348; S&P 500 1 week later +3.77%, 1 month later +5.56%, 3 months later +9.76% 2016-11-04: ratio 1.364; S&P 500 1 week later +3.80%, 1 month later +6.09%, 3 months later +9.97% 2016-11-07: ratio 1.359; S&P 500 1 week later +1.53%, 1 month later +5.15%, 3 months later +7.65% 2016-11-08: ratio 1.398; S&P 500 1 week later +1.91%, 1 month later +4.98%, 3 months later +7.87%	1.131	1.398 2016-11-08	+0.25%	+3.42%	+7.21%
2016-09-09 to 2016-09-14 (3 sessions) 2016-09-09: ratio 0.997; S&P 500 1 week later +0.53%, 1 month later +1.68%, 3 months later +5.56% (counted, episode start) 2016-09-13: ratio 1.026; S&P 500 1 week later +0.60%, 1 month later +0.57%, 3 months later +6.11% 2016-09-14: ratio 1.002; S&P 500 1 week later +1.76%, 1 month later +0.32%, 3 months later +6.87%	0.997	1.026 2016-09-13	+0.53%	+1.68%	+5.56%
2016-06-13 to 2016-06-27 (11 sessions) 2016-06-13: ratio 1.049; S&P 500 1 week later +0.20%, 1 month later +3.53%, 3 months later +3.85% (counted, episode start) 2016-06-14: ratio 1.064; S&P 500 1 week later +0.65%, 1 month later +4.26%, 3 months later +2.49% 2016-06-15: ratio 1.036; S&P 500 1 week later +0.67%, 1 month later +4.36%, 3 months later +2.62% 2016-06-16: ratio 1.034; S&P 500 1 week later +1.70%, 1 month later +4.28%, 3 months later +3.33% 2016-06-17: ratio 1.032; S&P 500 1 week later -1.63%, 1 month later +4.47%, 3 months later +3.28% 2016-06-20: ratio 1.121; S&P 500 1 week later -3.97%, 1 month later +4.31%, 3 months later +2.68% 2016-06-21: ratio 1.141; S&P 500 1 week later -2.53%, 1 month later +3.65%, 3 months later +2.43% 2016-06-22: ratio 1.322; S&P 500 1 week later -0.70%, 1 month later +4.30%, 3 months later +3.72% 2016-06-23: ratio 1.147; S&P 500 1 week later -0.68%, 1 month later +2.61%, 3 months later +3.02% 2016-06-24: ratio 1.283; S&P 500 1 week later +3.22%, 1 month later +6.47%, 3 months later +6.25% 2016-06-27: ratio 1.058; S&P 500 1 week later +4.40%, 1 month later +8.30%, 3 months later +7.28%	1.049	1.322 2016-06-22	+0.20%	+3.53%	+3.85%
2016-02-08 to 2016-02-11 (3 sessions) 2016-02-08: ratio 1.016; S&P 500 1 week later +2.27%, 1 month later +7.33%, 3 months later +11.07% (counted, episode start) 2016-02-09: ratio 1.002; S&P 500 1 week later +4.03%, 1 month later +7.42%, 3 months later +12.54% 2016-02-11: ratio 0.987; S&P 500 1 week later +4.85%, 1 month later +10.42%, 3 months later +12.85%	1.016	1.016	+2.27%	+7.33%	+11.07%
2016-01-08 to 2016-01-27 (11 sessions) 2016-01-08: ratio 1.067; S&P 500 1 week later -2.17%, 1 month later -3.63%, 3 months later +6.24% (counted, episode start) 2016-01-12: ratio 0.990; S&P 500 1 week later -4.09%, 1 month later -5.65%, 3 months later +7.41% 2016-01-13: ratio 1.027; S&P 500 1 week later -1.13%, 1 month later -1.35%, 3 months later +10.18% 2016-01-14: ratio 1.047; S&P 500 1 week later -0.78%, 1 month later -1.37%, 3 months later +8.27% 2016-01-15: ratio 1.101; S&P 500 1 week later -0.17%, 1 month later +2.47%, 3 months later +11.38% 2016-01-19: ratio 1.151; S&P 500 1 week later +1.19%, 1 month later +1.94%, 3 months later +11.67% 2016-01-20: ratio 1.181; S&P 500 1 week later +1.27%, 1 month later +3.14%, 3 months later +13.07% 2016-01-21: ratio 1.123; S&P 500 1 week later +1.30%, 1 month later +4.09%, 3 months later +11.90% 2016-01-25: ratio 1.031; S&P 500 1 week later +3.32%, 1 month later +2.81%, 3 months later +11.23% 2016-01-26: ratio 1.041; S&P 500 1 week later -0.03%, 1 month later +2.53%, 3 months later +9.88% 2016-01-27: ratio 1.002; S&P 500 1 week later +1.57%, 1 month later +3.46%, 3 months later +11.27%	1.067	1.181 2016-01-20	-2.17%	-3.63%	+6.24%
2015-12-09 to 2016-01-07 (7 sessions) 2015-12-09: ratio 1.048; S&P 500 1 week later +1.24%, 1 month later -6.05%, 3 months later -1.24% (counted, episode start) 2015-12-10: ratio 0.984; S&P 500 1 week later -0.50%, 1 month later -5.53%, 3 months later -1.59% 2015-12-11: ratio 1.149; S&P 500 1 week later -0.34%, 1 month later -6.07%, 3 months later +0.18% 2015-12-14: ratio 1.106; S&P 500 1 week later -0.04%, 1 month later -4.95%, 3 months later +0.26% 2015-12-15: ratio 1.054; S&P 500 1 week later -0.22%, 1 month later -7.98%, 3 months later -0.14% 2016-01-04: ratio 0.996; S&P 500 1 week later -4.42%, 1 month later -4.98%, 3 months later +1.62% 2016-01-07: ratio 1.064; S&P 500 1 week later -1.09%, 1 month later -4.61%, 3 months later +5.38%	1.048	1.149 2015-12-11	+1.24%	-6.05%	-1.24%
2015-09-22 to 2015-09-30 (6 sessions) 2015-09-22: ratio 1.007; S&P 500 1 week later -3.02%, 1 month later +3.92%, 3 months later +4.04% (counted, episode start) 2015-09-23: ratio 0.982; S&P 500 1 week later -0.97%, 1 month later +5.87%, 3 months later +5.17% 2015-09-24: ratio 1.032; S&P 500 1 week later -0.44%, 1 month later +7.40%, 3 months later +6.83% 2015-09-28: ratio 1.147; S&P 500 1 week later +5.59%, 1 month later +9.78%, 3 months later +9.29% 2015-09-29: ratio 1.099; S&P 500 1 week later +5.09%, 1 month later +10.95%, 3 months later +10.31% 2015-09-30: ratio 1.038; S&P 500 1 week later +3.95%, 1 month later +8.82%, 3 months later +7.46%	1.007	1.147 2015-09-28	-3.02%	+3.92%	+4.04%
2015-08-24 to 2015-09-17 (13 sessions) 2015-08-24: ratio 1.754; S&P 500 1 week later +4.17%, 1 month later +2.41%, 3 months later +10.35% (counted, episode start) 2015-08-25: ratio 1.519; S&P 500 1 week later +2.48%, 1 month later +3.46%, 3 months later +11.73% 2015-08-26: ratio 1.477; S&P 500 1 week later +0.43%, 1 month later -0.47%, 3 months later +7.66% 2015-08-27: ratio 1.162; S&P 500 1 week later -1.84%, 1 month later -5.33%, 3 months later +5.09% 2015-08-28: ratio 1.070; S&P 500 1 week later -3.40%, 1 month later -5.27%, 3 months later +5.09% 2015-08-31: ratio 1.065; S&P 500 1 week later -0.14%, 1 month later -2.64%, 3 months later +5.49% 2015-09-01: ratio 1.057; S&P 500 1 week later +1.47%, 1 month later +0.52%, 3 months later +9.86% 2015-09-09: ratio 1.060; S&P 500 1 week later +2.74%, 1 month later +3.68%, 3 months later +6.26% 2015-09-10: ratio 1.018; S&P 500 1 week later +1.94%, 1 month later +3.21%, 3 months later +4.88% 2015-09-14: ratio 1.077; S&P 500 1 week later +0.71%, 1 month later +2.59%, 3 months later +3.04% 2015-09-15: ratio 1.065; S&P 500 1 week later -1.79%, 1 month later +0.82%, 3 months later +2.22% 2015-09-16: ratio 1.064; S&P 500 1 week later -2.83%, 1 month later +1.43%, 3 months later +2.41% 2015-09-17: ratio 1.052; S&P 500 1 week later -2.91%, 1 month later +2.16%, 3 months later +4.16%	1.754	1.754	+4.17%	+2.41%	+10.35%
2015-07-27 to 2015-08-21 (3 sessions) 2015-07-27: ratio 0.990; S&P 500 1 week later +1.47%, 1 month later -9.67%, 3 months later +0.36% (counted, episode start) 2015-08-20: ratio 1.109; S&P 500 1 week later -2.36%, 1 month later -3.38%, 3 months later +2.35% 2015-08-21: ratio 1.660; S&P 500 1 week later +0.91%, 1 month later -1.43%, 3 months later +5.60%	0.990	1.660 2015-08-21	+1.47%	-9.67%	+0.36%
2015-06-15 to 2015-07-09 (9 sessions) 2015-06-15: ratio 1.004; S&P 500 1 week later +1.84%, 1 month later +1.10%, 3 months later -6.30% (counted, episode start) 2015-06-16: ratio 1.006; S&P 500 1 week later +1.33%, 1 month later +1.34%, 3 months later -5.64% 2015-06-26: ratio 1.002; S&P 500 1 week later -1.56%, 1 month later -0.39%, 3 months later -8.10% 2015-06-29: ratio 1.205; S&P 500 1 week later +1.15%, 1 month later +2.48%, 3 months later -8.55% 2015-06-30: ratio 1.133; S&P 500 1 week later -0.80%, 1 month later +2.21%, 3 months later -8.68% 2015-07-01: ratio 1.026; S&P 500 1 week later -1.26%, 1 month later +1.27%, 3 months later -7.58% 2015-07-02: ratio 1.016; S&P 500 1 week later -0.01%, 1 month later +1.02%, 3 months later -7.37% 2015-07-08: ratio 1.089; S&P 500 1 week later +2.97%, 1 month later +1.80%, 3 months later -3.26% 2015-07-09: ratio 1.115; S&P 500 1 week later +3.56%, 1 month later +1.28%, 3 months later -2.70%	1.004	1.205 2015-06-29	+1.84%	+1.10%	-6.30%
2015-01-14 to 2015-01-28 (6 sessions) 2015-01-14: ratio 1.014; S&P 500 1 week later +2.58%, 1 month later +4.26%, 3 months later +4.66% (counted, episode start) 2015-01-15: ratio 1.073; S&P 500 1 week later +2.97%, 1 month later +5.40%, 3 months later +4.44% 2015-01-16: ratio 1.016; S&P 500 1 week later +1.87%, 1 month later +3.97%, 3 months later +4.01% 2015-01-20: ratio 1.051; S&P 500 1 week later +0.35%, 1 month later +3.70%, 3 months later +3.70% 2015-01-21: ratio 1.016; S&P 500 1 week later -1.47%, 1 month later +3.85%, 3 months later +3.73% 2015-01-28: ratio 1.016; S&P 500 1 week later +1.97%, 1 month later +5.11%, 3 months later +5.23%	1.014	1.073 2015-01-15	+2.58%	+4.26%	+4.66%
2014-12-10 to 2014-12-16 (5 sessions) 2014-12-10: ratio 1.134; S&P 500 1 week later -0.65%, 1 month later +0.10%, 3 months later +1.35% (counted, episode start) 2014-12-11: ratio 1.066; S&P 500 1 week later +1.27%, 1 month later -0.60%, 3 months later +2.25% 2014-12-12: ratio 1.134; S&P 500 1 week later +3.41%, 1 month later +0.45%, 3 months later +3.59% 2014-12-15: ratio 1.005; S&P 500 1 week later +4.47%, 1 month later +0.15%, 3 months later +5.52% 2014-12-16: ratio 1.050; S&P 500 1 week later +5.55%, 1 month later +2.37%, 3 months later +5.91%	1.134	1.134	-0.65%	+0.10%	+1.35%
2014-10-13 to 2014-10-20 (6 sessions) 2014-10-13: ratio 1.231; S&P 500 1 week later +1.56%, 1 month later +8.80%, 3 months later +7.91% (counted, episode start) 2014-10-14: ratio 1.152; S&P 500 1 week later +3.39%, 1 month later +8.55%, 3 months later +7.11% 2014-10-15: ratio 1.306; S&P 500 1 week later +3.47%, 1 month later +9.49%, 3 months later +6.99% 2014-10-16: ratio 1.334; S&P 500 1 week later +4.73%, 1 month later +9.51%, 3 months later +8.41% 2014-10-17: ratio 1.121; S&P 500 1 week later +4.12%, 1 month later +8.19%, 3 months later +7.20% 2014-10-20: ratio 0.989; S&P 500 1 week later +3.03%, 1 month later +7.76%, 3 months later +6.73%	1.231	1.334 2014-10-16	+1.56%	+8.80%	+7.91%
2014-09-15 to 2014-10-10 (4 sessions) 2014-09-15: ratio 0.980; S&P 500 1 week later +0.51%, 1 month later -5.36%, 3 months later +0.92% (counted, episode start) 2014-09-30: ratio 0.981; S&P 500 1 week later -1.89%, 1 month later +0.51%, 3 months later +5.48% 2014-10-09: ratio 1.195; S&P 500 1 week later -3.39%, 1 month later +5.38%, 3 months later +6.05% 2014-10-10: ratio 1.101; S&P 500 1 week later -1.02%, 1 month later +6.93%, 3 months later +6.41%	0.980	1.195 2014-10-09	+0.51%	-5.36%	+0.92%
2014-08-15 (1 session) 2014-08-15: ratio 0.995; S&P 500 1 week later +1.71%, 1 month later +2.25%, 3 months later +4.31% (counted, episode start)	0.995	0.995	+1.71%	+2.25%	+4.31%
2014-07-17 to 2014-08-05 (4 sessions) 2014-07-17: ratio 1.084; S&P 500 1 week later +1.52%, 1 month later -0.16%, 3 months later -4.88% (counted, episode start) 2014-07-31: ratio 1.196; S&P 500 1 week later -1.09%, 1 month later +3.77%, 3 months later +2.67% 2014-08-01: ratio 1.133; S&P 500 1 week later +0.33%, 1 month later +4.01%, 3 months later +3.61% 2014-08-05: ratio 1.002; S&P 500 1 week later +0.71%, 1 month later +4.03%, 3 months later +5.08%	1.084	1.196 2014-07-31	+1.52%	-0.16%	-4.88%
2014-04-10 to 2014-04-11 (2 sessions) 2014-04-10: ratio 1.027; S&P 500 1 week later +1.73%, 1 month later +3.47%, 3 months later +7.34% (counted, episode start) 2014-04-11: ratio 1.051; S&P 500 1 week later +3.10%, 1 month later +4.50%, 3 months later +8.89%	1.027	1.051 2014-04-11	+1.73%	+3.47%	+7.34%
2014-03-13 to 2014-04-07 (3 sessions) 2014-03-13: ratio 1.005; S&P 500 1 week later +1.39%, 1 month later -1.66%, 3 months later +4.54% (counted, episode start) 2014-03-14: ratio 1.151; S&P 500 1 week later +1.38%, 1 month later -0.57%, 3 months later +5.16% 2014-04-07: ratio 1.011; S&P 500 1 week later -0.78%, 1 month later +1.80%, 3 months later +6.43%	1.005	1.151 2014-03-14	+1.39%	-1.66%	+4.54%
2014-01-24 to 2014-02-06 (10 sessions) 2014-01-24: ratio 1.198; S&P 500 1 week later -0.43%, 1 month later +3.06%, 3 months later +4.08% (counted, episode start) 2014-01-27: ratio 1.111; S&P 500 1 week later -2.23%, 1 month later +3.57%, 3 months later +4.93% 2014-01-28: ratio 1.067; S&P 500 1 week later -2.08%, 1 month later +3.45%, 3 months later +4.79% 2014-01-29: ratio 1.125; S&P 500 1 week later -1.27%, 1 month later +4.80%, 3 months later +6.19% 2014-01-30: ratio 1.033; S&P 500 1 week later -1.16%, 1 month later +2.87%, 3 months later +4.99% 2014-01-31: ratio 1.068; S&P 500 1 week later +0.81%, 1 month later +5.12%, 3 months later +5.53% 2014-02-03: ratio 1.189; S&P 500 1 week later +3.33%, 1 month later +7.57%, 3 months later +8.20% 2014-02-04: ratio 1.068; S&P 500 1 week later +3.68%, 1 month later +6.94%, 3 months later +6.41% 2014-02-05: ratio 1.083; S&P 500 1 week later +3.86%, 1 month later +7.22%, 3 months later +7.23% 2014-02-06: ratio 1.050; S&P 500 1 week later +3.18%, 1 month later +5.85%, 3 months later +5.76%	1.198	1.198	-0.43%	+3.06%	+4.08%
2013-12-11 to 2013-12-17 (5 sessions) 2013-12-11: ratio 1.086; S&P 500 1 week later +1.60%, 1 month later +2.07%, 3 months later +3.31% (counted, episode start) 2013-12-12: ratio 1.030; S&P 500 1 week later +1.92%, 1 month later +3.57%, 3 months later +4.69% 2013-12-13: ratio 1.059; S&P 500 1 week later +2.42%, 1 month later +4.12%, 3 months later +5.46% 2013-12-16: ratio 1.044; S&P 500 1 week later +2.32%, 1 month later +3.32%, 3 months later +4.15% 2013-12-17: ratio 1.034; S&P 500 1 week later +2.94%, 1 month later +3.24%, 3 months later +5.11%	1.086	1.086	+1.60%	+2.07%	+3.31%
2013-09-27 to 2013-10-16 (11 sessions) 2013-09-27: ratio 1.011; S&P 500 1 week later -0.07%, 1 month later +4.16%, 3 months later +8.85% (counted, episode start) 2013-09-30: ratio 1.055; S&P 500 1 week later -0.32%, 1 month later +5.38%, 3 months later +9.49% 2013-10-03: ratio 0.993; S&P 500 1 week later +0.83%, 1 month later +4.94%, 3 months later +9.10% 2013-10-07: ratio 1.058; S&P 500 1 week later +2.03%, 1 month later +5.18%, 3 months later +9.65% 2013-10-08: ratio 1.102; S&P 500 1 week later +2.57%, 1 month later +6.95%, 3 months later +11.00% 2013-10-09: ratio 1.057; S&P 500 1 week later +3.93%, 1 month later +5.48%, 3 months later +10.97% 2013-10-10: ratio 1.008; S&P 500 1 week later +2.40%, 1 month later +4.61%, 3 months later +8.85% 2013-10-11: ratio 1.014; S&P 500 1 week later +2.42%, 1 month later +4.03%, 3 months later +6.81% 2013-10-14: ratio 1.129; S&P 500 1 week later +2.02%, 1 month later +3.37%, 3 months later +7.53% 2013-10-15: ratio 1.279; S&P 500 1 week later +3.33%, 1 month later +4.94%, 3 months later +8.85% 2013-10-16: ratio 0.995; S&P 500 1 week later +1.44%, 1 month later +4.01%, 3 months later +7.22%	1.011	1.279 2013-10-15	-0.07%	+4.16%	+8.85%
2013-08-15 to 2013-08-16 (2 sessions) 2013-08-15: ratio 1.012; S&P 500 1 week later -0.26%, 1 month later +2.18%, 3 months later +7.26% (counted, episode start) 2013-08-16: ratio 0.986; S&P 500 1 week later +0.46%, 1 month later +2.96%, 3 months later +8.14%	1.012	1.012	-0.26%	+2.18%	+7.26%
2013-05-28 to 2013-06-24 (10 sessions) 2013-05-28: ratio 0.983; S&P 500 1 week later -1.73%, 1 month later -3.42%, 3 months later -0.20% (counted, episode start) 2013-06-03: ratio 1.001; S&P 500 1 week later +0.15%, 1 month later -1.61%, 3 months later -0.45% 2013-06-05: ratio 1.030; S&P 500 1 week later +0.22%, 1 month later +1.43%, 3 months later +2.75% 2013-06-06: ratio 0.983; S&P 500 1 week later +0.85%, 1 month later +1.10%, 3 months later +2.00% 2013-06-12: ratio 1.002; S&P 500 1 week later +1.02%, 1 month later +4.20%, 3 months later +4.75% 2013-06-18: ratio 0.993; S&P 500 1 week later -3.86%, 1 month later +2.27%, 3 months later +3.21% 2013-06-19: ratio 0.991; S&P 500 1 week later -1.58%, 1 month later +3.88%, 3 months later +5.93% 2013-06-20: ratio 1.150; S&P 500 1 week later +1.57%, 1 month later +6.76%, 3 months later +8.45% 2013-06-21: ratio 1.055; S&P 500 1 week later +0.87%, 1 month later +6.28%, 3 months later +7.38% 2013-06-24: ratio 1.077; S&P 500 1 week later +2.66%, 1 month later +7.17%, 3 months later +8.18%	0.983	1.150 2013-06-20	-1.73%	-3.42%	-0.20%
2013-03-21 to 2013-04-18 (5 sessions) 2013-03-21: ratio 1.031; S&P 500 1 week later +1.51%, 1 month later +1.08%, 3 months later +2.74% (counted, episode start) 2013-03-22: ratio 0.998; S&P 500 1 week later +0.34%, 1 month later +1.41%, 3 months later +2.28% 2013-04-15: ratio 1.214; S&P 500 1 week later +0.65%, 1 month later +6.31%, 3 months later +8.38% 2013-04-17: ratio 1.109; S&P 500 1 week later +1.73%, 1 month later +6.34%, 3 months later +8.31% 2013-04-18: ratio 1.102; S&P 500 1 week later +2.82%, 1 month later +8.16%, 3 months later +9.58%	1.031	1.214 2013-04-15	+1.51%	+1.08%	+2.74%
2013-02-20 to 2013-02-28 (5 sessions) 2013-02-20: ratio 0.997; S&P 500 1 week later +0.27%, 1 month later +2.24%, 3 months later +10.40% (counted, episode start) 2013-02-21: ratio 1.019; S&P 500 1 week later +0.82%, 1 month later +3.63%, 3 months later +10.18% 2013-02-25: ratio 1.219; S&P 500 1 week later +2.51%, 1 month later +5.10%, 3 months later +10.87% 2013-02-26: ratio 1.050; S&P 500 1 week later +2.86%, 1 month later +4.40%, 3 months later +10.90% 2013-02-28: ratio 0.988; S&P 500 1 week later +1.95%, 1 month later +3.14%, 3 months later +9.23%	0.997	1.219 2013-02-25	+0.27%	+2.24%	+10.40%
2012-12-19 to 2012-12-31 (7 sessions) 2012-12-19: ratio 1.034; S&P 500 1 week later -1.23%, 1 month later +3.95%, 3 months later +8.43% (counted, episode start) 2012-12-20: ratio 1.050; S&P 500 1 week later -2.86%, 1 month later +3.54%, 3 months later +7.48% 2012-12-24: ratio 1.066; S&P 500 1 week later +2.51%, 1 month later +5.35%, 3 months later +9.55% 2012-12-26: ratio 1.078; S&P 500 1 week later +2.78%, 1 month later +5.66%, 3 months later +10.52% 2012-12-27: ratio 1.088; S&P 500 1 week later +3.41%, 1 month later +6.33%, 3 months later +10.16% 2012-12-28: ratio 1.231; S&P 500 1 week later +4.24%, 1 month later +7.10%, 3 months later +11.97% 2012-12-31: ratio 1.082; S&P 500 1 week later +2.17%, 1 month later +5.04%, 3 months later +8.94%	1.034	1.231 2012-12-28	-1.23%	+3.95%	+8.43%
2012-10-23 to 2012-11-07 (7 sessions) 2012-10-23: ratio 1.060; S&P 500 1 week later +1.02%, 1 month later -0.48%, 3 months later +6.16% (counted, episode start) 2012-10-24: ratio 0.983; S&P 500 1 week later +0.39%, 1 month later -0.70%, 3 months later +7.03% 2012-10-31: ratio 0.992; S&P 500 1 week later -1.25%, 1 month later +0.28%, 3 months later +7.15% 2012-11-02: ratio 0.998; S&P 500 1 week later -2.43%, 1 month later -0.51%, 3 months later +6.87% 2012-11-05: ratio 1.078; S&P 500 1 week later -2.63%, 1 month later -0.56%, 3 months later +6.69% 2012-11-06: ratio 1.058; S&P 500 1 week later -3.77%, 1 month later -1.01%, 3 months later +5.67% 2012-11-07: ratio 1.003; S&P 500 1 week later -2.80%, 1 month later +1.69%, 3 months later +8.85%	1.060	1.078 2012-11-05	+1.02%	-0.48%	+6.16%
2012-08-01 (1 session) 2012-08-01: ratio 1.006; S&P 500 1 week later +1.96%, 1 month later +1.76%, 3 months later +3.80% (counted, episode start)	1.006	1.006	+1.96%	+1.76%	+3.80%
2012-06-13 to 2012-06-15 (3 sessions) 2012-06-13: ratio 0.988; S&P 500 1 week later +3.10%, 1 month later +3.19%, 3 months later +9.25% (counted, episode start) 2012-06-14: ratio 1.009; S&P 500 1 week later -0.27%, 1 month later +1.85%, 3 months later +9.85% 2012-06-15: ratio 1.028; S&P 500 1 week later -0.58%, 1 month later +1.55%, 3 months later +9.15%	0.988	1.028 2012-06-15	+3.10%	+3.19%	+9.25%
2012-05-14 to 2012-06-11 (2 sessions) 2012-05-14: ratio 0.982; S&P 500 1 week later -1.67%, 1 month later -1.75%, 3 months later +4.91% (counted, episode start) 2012-06-11: ratio 1.035; S&P 500 1 week later +2.74%, 1 month later +2.48%, 3 months later +9.18%	0.982	1.035 2012-06-11	-1.67%	-1.75%	+4.91%
2011-11-16 to 2011-12-08 (3 sessions) 2011-11-16: ratio 0.992; S&P 500 1 week later -6.07%, 1 month later -1.39%, 3 months later +10.05% (counted, episode start) 2011-12-07: ratio 0.986; S&P 500 1 week later -3.90%, 1 month later +1.56%, 3 months later +8.71% 2011-12-08: ratio 0.985; S&P 500 1 week later -1.51%, 1 month later +4.68%, 3 months later +11.08%	0.992	0.992	-6.07%	-1.39%	+10.05%
2011-10-17 to 2011-11-09 (12 sessions) 2011-10-17: ratio 1.010; S&P 500 1 week later +4.44%, 1 month later +4.74%, 3 months later +8.93% (counted, episode start) 2011-10-18: ratio 1.007; S&P 500 1 week later +0.30%, 1 month later +0.94%, 3 months later +7.27% 2011-10-19: ratio 1.009; S&P 500 1 week later +2.65%, 1 month later +0.52%, 3 months later +8.72% 2011-10-20: ratio 1.073; S&P 500 1 week later +5.69%, 1 month later +0.02%, 3 months later +8.28% 2011-10-21: ratio 1.006; S&P 500 1 week later +3.78%, 1 month later -3.66%, 3 months later +6.17% 2011-10-24: ratio 0.991; S&P 500 1 week later -0.07%, 1 month later -5.27%, 3 months later +5.73% 2011-10-25: ratio 1.037; S&P 500 1 week later -0.88%, 1 month later -5.47%, 3 months later +7.27% 2011-10-26: ratio 0.980; S&P 500 1 week later -0.33%, 1 month later -6.71%, 3 months later +5.98% 2011-10-31: ratio 1.017; S&P 500 1 week later +0.62%, 1 month later -0.51%, 3 months later +5.65% 2011-11-01: ratio 1.079; S&P 500 1 week later +4.73%, 1 month later +2.16%, 3 months later +8.80% 2011-11-02: ratio 1.006; S&P 500 1 week later -0.71%, 1 month later +0.52%, 3 months later +8.64% 2011-11-09: ratio 1.075; S&P 500 1 week later +0.64%, 1 month later +2.12%, 3 months later +9.24%	1.010	1.079 2011-11-01	+4.44%	+4.74%	+8.93%
2011-09-09 to 2011-10-05 (18 sessions) 2011-09-09: ratio 1.103; S&P 500 1 week later +5.35%, 1 month later +3.52%, 3 months later +6.94% (counted, episode start) 2011-09-12: ratio 1.091; S&P 500 1 week later +3.60%, 1 month later +2.86%, 3 months later +7.99% 2011-09-13: ratio 1.044; S&P 500 1 week later +2.49%, 1 month later +2.93%, 3 months later +5.42% 2011-09-14: ratio 1.002; S&P 500 1 week later -1.84%, 1 month later +1.26%, 3 months later +3.12% 2011-09-16: ratio 0.987; S&P 500 1 week later -6.54%, 1 month later -1.25%, 3 months later -0.02% 2011-09-19: ratio 1.023; S&P 500 1 week later -3.42%, 1 month later +1.77%, 3 months later +1.29% 2011-09-20: ratio 1.026; S&P 500 1 week later -2.22%, 1 month later +0.65%, 3 months later +0.27% 2011-09-21: ratio 1.043; S&P 500 1 week later -1.35%, 1 month later +4.17%, 3 months later +6.39% 2011-09-22: ratio 1.111; S&P 500 1 week later +2.73%, 1 month later +9.62%, 3 months later +10.11% 2011-09-23: ratio 1.079; S&P 500 1 week later -0.44%, 1 month later +10.36%, 3 months later +10.35% 2011-09-26: ratio 1.056; S&P 500 1 week later -5.48%, 1 month later +5.68%, 3 months later +8.80% 2011-09-27: ratio 1.046; S&P 500 1 week later -4.38%, 1 month later +5.67%, 3 months later +7.66% 2011-09-28: ratio 1.083; S&P 500 1 week later -0.61%, 1 month later +11.60%, 3 months later +8.56% 2011-09-29: ratio 1.042; S&P 500 1 week later +0.39%, 1 month later +10.75%, 3 months later +8.84% 2011-09-30: ratio 1.060; S&P 500 1 week later +2.12%, 1 month later +10.77%, 3 months later +11.15% 2011-10-03: ratio 1.121; S&P 500 1 week later +8.70%, 1 month later +10.83%, 3 months later +16.18% 2011-10-04: ratio 1.025; S&P 500 1 week later +6.37%, 1 month later +10.14%, 3 months later +13.64% 2011-10-05: ratio 0.981; S&P 500 1 week later +5.53%, 1 month later +10.24%, 3 months later +11.98%	1.103	1.121 2011-10-03	+5.35%	+3.52%	+6.94%
2011-08-11 to 2011-09-08 (19 sessions) 2011-08-11: ratio 1.389; S&P 500 1 week later -2.73%, 1 month later -0.88%, 3 months later +4.81% (counted, episode start) 2011-08-12: ratio 1.173; S&P 500 1 week later -4.69%, 1 month later -0.50%, 3 months later +5.17% 2011-08-15: ratio 1.095; S&P 500 1 week later -6.70%, 1 month later -1.31%, 3 months later +4.93% 2011-08-16: ratio 1.087; S&P 500 1 week later -2.55%, 1 month later +1.37%, 3 months later +4.95% 2011-08-17: ratio 1.040; S&P 500 1 week later -1.36%, 1 month later +1.85%, 3 months later +5.35% 2011-08-18: ratio 1.272; S&P 500 1 week later +1.63%, 1 month later +5.56%, 3 months later +8.44% 2011-08-19: ratio 1.251; S&P 500 1 week later +4.74%, 1 month later +6.99%, 3 months later +8.24% 2011-08-22: ratio 1.165; S&P 500 1 week later +7.68%, 1 month later +3.82%, 3 months later +8.17% 2011-08-23: ratio 1.087; S&P 500 1 week later +4.35%, 1 month later -2.82%, 3 months later +2.64% 2011-08-24: ratio 1.076; S&P 500 1 week later +3.51%, 1 month later -3.50%, 3 months later +0.89% 2011-08-25: ratio 1.204; S&P 500 1 week later +3.89%, 1 month later +0.32%, 3 months later +0.22% 2011-08-26: ratio 1.056; S&P 500 1 week later -0.24%, 1 month later -0.12%, 3 months later -1.54% 2011-08-29: ratio 1.044; S&P 500 1 week later -3.71%, 1 month later -4.88%, 3 months later -1.45% 2011-08-30: ratio 1.068; S&P 500 1 week later -1.18%, 1 month later -4.33%, 3 months later -1.46% 2011-08-31: ratio 1.021; S&P 500 1 week later -2.71%, 1 month later -7.18%, 3 months later +2.30% 2011-09-01: ratio 0.993; S&P 500 1 week later -4.17%, 1 month later -8.73%, 3 months later +3.33% 2011-09-06: ratio 1.109; S&P 500 1 week later +0.65%, 1 month later -1.82%, 3 months later +7.88% 2011-09-07: ratio 0.984; S&P 500 1 week later -0.83%, 1 month later -2.81%, 3 months later +4.99% 2011-09-08: ratio 1.021; S&P 500 1 week later +1.96%, 1 month later -2.57%, 3 months later +6.33%	1.389	1.389	-2.73%	-0.88%	+4.81%
2011-07-14 to 2011-08-10 (15 sessions) 2011-07-14: ratio 1.028; S&P 500 1 week later +2.67%, 1 month later -9.94%, 3 months later -7.76% (counted, episode start) 2011-07-18: ratio 1.013; S&P 500 1 week later +2.45%, 1 month later -8.63%, 3 months later -6.19% 2011-07-25: ratio 1.007; S&P 500 1 week later -3.78%, 1 month later -13.09%, 3 months later -7.42% 2011-07-26: ratio 0.997; S&P 500 1 week later -5.85%, 1 month later -11.59%, 3 months later -5.84% 2011-07-27: ratio 1.076; S&P 500 1 week later -3.41%, 1 month later -11.16%, 3 months later -5.81% 2011-07-28: ratio 1.199; S&P 500 1 week later -7.73%, 1 month later -9.52%, 3 months later -4.51% 2011-07-29: ratio 1.325; S&P 500 1 week later -7.19%, 1 month later -6.36%, 3 months later -0.60% 2011-08-01: ratio 1.200; S&P 500 1 week later -13.01%, 1 month later -5.75%, 3 months later -0.14% 2011-08-02: ratio 1.177; S&P 500 1 week later -6.50%, 1 month later -2.80%, 3 months later -0.06% 2011-08-03: ratio 1.068; S&P 500 1 week later -11.07%, 1 month later -4.44%, 3 months later -3.34% 2011-08-04: ratio 1.397; S&P 500 1 week later -2.29%, 1 month later -2.17%, 3 months later +3.15% 2011-08-05: ratio 1.270; S&P 500 1 week later -1.72%, 1 month later -2.85%, 3 months later +5.15% 2011-08-08: ratio 1.785; S&P 500 1 week later +7.60%, 1 month later +7.07%, 3 months later +11.95% 2011-08-09: ratio 1.396; S&P 500 1 week later +1.73%, 1 month later +1.14%, 3 months later +7.56% 2011-08-10: ratio 1.549; S&P 500 1 week later +6.53%, 1 month later +2.99%, 3 months later +13.84%	1.028	1.785 2011-08-08	+2.67%	-9.94%	-7.76%
2011-06-15 to 2011-07-13 (9 sessions) 2011-06-15: ratio 1.030; S&P 500 1 week later +1.72%, 1 month later +4.01%, 3 months later -6.06% (counted, episode start) 2011-06-16: ratio 1.089; S&P 500 1 week later +1.25%, 1 month later +2.98%, 3 months later -4.62% 2011-06-17: ratio 1.031; S&P 500 1 week later -0.24%, 1 month later +4.34%, 3 months later -4.36% 2011-06-21: ratio 0.984; S&P 500 1 week later +0.09%, 1 month later +3.73%, 3 months later -7.21% 2011-06-24: ratio 1.025; S&P 500 1 week later +5.61%, 1 month later +5.01%, 3 months later -10.41% 2011-06-27: ratio 1.023; S&P 500 1 week later +4.51%, 1 month later +1.94%, 3 months later -9.15% 2011-07-11: ratio 1.008; S&P 500 1 week later -1.06%, 1 month later -11.14%, 3 months later -12.43% 2011-07-12: ratio 1.027; S&P 500 1 week later +1.00%, 1 month later -14.68%, 3 months later -9.04% 2011-07-13: ratio 0.990; S&P 500 1 week later +0.62%, 1 month later -11.01%, 3 months later -9.27%	1.030	1.089 2011-06-16	+1.72%	+4.01%	-6.06%
2011-05-16 to 2011-06-13 (3 sessions) 2011-05-16: ratio 0.992; S&P 500 1 week later -0.91%, 1 month later -4.82%, 3 months later -9.40% (counted, episode start) 2011-06-01: ratio 0.987; S&P 500 1 week later -2.66%, 1 month later +0.46%, 3 months later -7.73% 2011-06-13: ratio 0.992; S&P 500 1 week later +0.51%, 1 month later +3.61%, 3 months later -8.61%	0.992	0.992 2011-06-13	-0.91%	-4.82%	-9.40%
2011-03-01 to 2011-03-18 (6 sessions) 2011-03-01: ratio 0.986; S&P 500 1 week later +1.19%, 1 month later +1.68%, 3 months later +2.98% (counted, episode start) 2011-03-10: ratio 1.006; S&P 500 1 week later -1.65%, 1 month later +2.55%, 3 months later -0.47% 2011-03-15: ratio 1.078; S&P 500 1 week later +0.93%, 1 month later +2.54%, 3 months later +0.47% 2011-03-16: ratio 1.153; S&P 500 1 week later +3.23%, 1 month later +4.59%, 3 months later +0.68% 2011-03-17: ratio 1.125; S&P 500 1 week later +2.82%, 1 month later +3.61%, 3 months later -0.48% 2011-03-18: ratio 1.040; S&P 500 1 week later +2.70%, 1 month later +2.03%, 3 months later -0.60%	0.986	1.153 2011-03-16	+1.19%	+1.68%	+2.98%
2011-01-28 to 2011-02-23 (4 sessions) 2011-01-28: ratio 1.032; S&P 500 1 week later +2.71%, 1 month later +2.35%, 3 months later +6.84% (counted, episode start) 2011-01-31: ratio 1.017; S&P 500 1 week later +2.56%, 1 month later +1.74%, 3 months later +5.84% 2011-02-22: ratio 1.036; S&P 500 1 week later -0.69%, 1 month later -1.36%, 3 months later +0.15% 2011-02-23: ratio 1.013; S&P 500 1 week later +0.08%, 1 month later +0.17%, 3 months later +0.68%	1.032	1.036 2011-02-22	+2.71%	+2.35%	+6.84%

Not a forecast. These are past sessions and what the S&P 500 did after them; nothing here is advice.

WAITLIST · NOTHING SENDING YET

Join the waitlist for VIX curve alerts.

The list is for volatility-regime changes, backwardation included, and a market summary. Nothing is sending yet. We will only email you when this launches, and you can leave the list any time.

What the VIX futures curve measures

Each point is the official settlement price of a monthly VIX futures contract. The curve shows how much volatility the market prices at different horizons. It is not a forecast that spot VIX must equal; futures reflect expected settlement values, risk premium, hedging demand, and time to expiration.

Contango versus backwardation

In contango, later contracts trade above the front month. This is the usual shape in calmer markets and produces roll drag for products that continually sell a cheaper expiring future and buy a more expensive later one. In backwardation, near-term contracts trade above the back of the curve, a shape associated with acute stress and high near-term hedging demand.

How to use the spread and percentile

The M9 minus M1 spread captures the full displayed curve. The same-contract percentile takes the two contracts that are M1 and M2 today and ranks the slope between them against those same two contracts' own shared history. For most of that history they sat further out the curve, where adjacent spreads run flatter, so it reads high and is not a rank against past front-month slopes. A high value means these two contracts are further apart than they usually were; it does not mean the front of the curve is at its steepest.

Data timing

This page uses official daily settlement files, not an intraday quote-table scrape. The completed settlement data is normally published on the following trading day. That makes the curve reliable for regime context and end-of-day research, but not suitable for intraday execution.

COMMON QUESTIONS

What is VIX futures contango?: Contango means later VIX futures are priced above nearer contracts, which is the common calm-market shape and creates negative roll yield for long-volatility products.
What is VIX futures backwardation?: Backwardation means near VIX futures are priced above later contracts, usually indicating acute near-term stress that the market expects to ease.
When is this curve updated?: The public curve uses official daily settlement prices, which normally become available the following trading day.

Learn more

Know when the volatility regime changes.

Combine the VIX curve with options flow, GEX, macro data, and catalysts in SquawkFlow.