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Seasonality

Ahead or behind the season

If a market usually gains 12% from September to November and is up 5% so far this year, it is behind its usual pace. If it is already up 15%, it is ahead. Here is every case today.

How we measureThis year's move since the period started, against the average move of past years up to the same date and over the whole period.
The reality checkFor each case we look at past years that were also behind (or ahead) on this date and show how the rest of the period went for them.
Not a forecastA gap is a description of history. Seasons fail, and a lagging market can keep lagging for good reasons.

Behind the usual pace (19)

The usual seasonal move has not happened yet this year

BrentSeason: Sep to NovBehind the usual pace

Usually lower in this period (72% of 18 years). 37 days in, 54 days left.

This year so far +12.23%Usual by today -1.42%Usual full period -6.37%Gap to the usual full move 18.6 points left

Laggards usually caught upIn the 8 past years that were also behind on this date, the rest of the period averaged -7.37% and ended lower in 75%.

BIST 100Season: Sep to OctBehind the usual pace

Usually higher in this period (75% of 28 years). 37 days in, 24 days left.

This year so far -14.95%Usual by today +1.62%Usual full period +4.76%Gap to the usual full move 19.7 points left

Laggards usually caught upIn the 11 past years that were also behind on this date, the rest of the period averaged +8.04% and ended higher in 82%.

LVMHSeason: Sep to OctBehind the usual pace

Usually higher in this period (72% of 25 years). 37 days in, 24 days left.

This year so far -15.62%Usual by today -1.59%Usual full period +2.10%Gap to the usual full move 17.7 points left

Catch-up was a coin flipIn the 11 past years that were also behind on this date, the rest of the period averaged +4.56% and ended higher in 64%.

Live cattleSeason: Aug to OctBehind the usual pace

Usually higher in this period (79% of 24 years). 68 days in, 24 days left.

This year so far -4.54%Usual by today +2.55%Usual full period +4.67%Gap to the usual full move 9.2 points left

Laggards usually caught upIn the 11 past years that were also behind on this date, the rest of the period averaged +2.68% and ended higher in 91%.

WheatSeason: Sep to OctBehind the usual pace

Usually higher in this period (76% of 25 years). 37 days in, 24 days left.

This year so far -7.40%Usual by today +2.26%Usual full period +3.57%Gap to the usual full move 11.0 points left

Laggards usually caught upIn the 12 past years that were also behind on this date, the rest of the period averaged +3.23% and ended higher in 75%.

Hang SengMonth: OctoberBehind the usual pace

Usually higher in this period (67% of 30 years). 7 days in, 24 days left.

This year so far -1.96%Usual by today +1.25%Usual full period +0.83%Gap to the usual full move 2.8 points left

Catch-up was a coin flipIn the 15 past years that were also behind on this date, the rest of the period averaged +0.06% and ended higher in 53%.

Eli LillySeasonal window: Aug 11 to Oct 10Behind the usual pace

Usually higher in this period (77% of 30 years). 57 days in, 3 days left.

This year so far -4.60%Usual by today +4.23%Usual full period +4.73%Gap to the usual full move 9.3 points left

Catch-up was a coin flipIn the 15 past years that were also behind on this date, the rest of the period averaged +0.55% and ended higher in 60%.

CAC 40Month: OctoberBehind the usual pace

Usually higher in this period (70% of 30 years). 7 days in, 24 days left.

This year so far -1.93%Usual by today +0.37%Usual full period +1.54%Gap to the usual full move 3.5 points left

Laggards rarely caught upIn the 11 past years that were also behind on this date, the rest of the period averaged +0.98% and ended higher in 45%.

AllianzSeasonal window: Sep 14 to Dec 3Behind the usual pace

Usually higher in this period (93% of 29 years). 23 days in, 57 days left.

This year so far -6.05%Usual by today +1.60%Usual full period +7.49%Gap to the usual full move 13.5 points left

Laggards usually caught upIn the 12 past years that were also behind on this date, the rest of the period averaged +11.19% and ended higher in 92%.

JPMorgan ChaseSeasonal window: Sep 10 to Dec 9Behind the usual pace

Usually higher in this period (83% of 30 years). 27 days in, 63 days left.

This year so far -5.83%Usual by today +0.18%Usual full period +7.34%Gap to the usual full move 13.2 points left

Laggards usually caught upIn the 14 past years that were also behind on this date, the rest of the period averaged +17.07% and ended higher in 93%.

FTSE 100Season: Oct to DecBehind the usual pace

Usually higher in this period (77% of 30 years). 7 days in, 85 days left.

This year so far -0.92%Usual by today +0.63%Usual full period +3.83%Gap to the usual full move 4.8 points left

Laggards usually caught upIn the 11 past years that were also behind on this date, the rest of the period averaged +3.32% and ended higher in 73%.

Euro Stoxx 50Season: Sep to NovBehind the usual pace

Usually higher in this period (78% of 18 years). 37 days in, 54 days left.

This year so far -3.36%Usual by today -0.06%Usual full period +1.83%Gap to the usual full move 5.2 points left

Catch-up was a coin flipIn the 11 past years that were also behind on this date, the rest of the period averaged +2.31% and ended higher in 64%.

IBEX 35Season: Sep to NovBehind the usual pace

Usually higher in this period (73% of 30 years). 37 days in, 54 days left.

This year so far -3.48%Usual by today +0.55%Usual full period +3.82%Gap to the usual full move 7.3 points left

Laggards usually caught upIn the 13 past years that were also behind on this date, the rest of the period averaged +8.73% and ended higher in 85%.

Dow JonesSeason: Sep to NovBehind the usual pace

Usually higher in this period (83% of 30 years). 37 days in, 54 days left.

This year so far -3.13%Usual by today -0.31%Usual full period +4.06%Gap to the usual full move 7.2 points left

Laggards usually caught upIn the 13 past years that were also behind on this date, the rest of the period averaged +5.96% and ended higher in 85%.

FTSE MIBMonth: OctoberBehind the usual pace

Usually higher in this period (68% of 28 years). 7 days in, 24 days left.

This year so far -1.53%Usual by today +0.01%Usual full period +1.38%Gap to the usual full move 2.9 points left

Catch-up was a coin flipIn the 12 past years that were also behind on this date, the rest of the period averaged +0.93% and ended higher in 58%.

BitcoinMonth: OctoberBehind the usual pace

Usually higher in this period (82% of 11 years). 7 days in, 24 days left.

This year so far +0.16%Usual by today +2.95%Usual full period +19.05%Gap to the usual full move 18.9 points left

Laggards usually caught upIn the 8 past years that were also behind on this date, the rest of the period averaged +18.11% and ended higher in 88%.

Novo NordiskSeason: Oct to NovBehind the usual pace

Usually higher in this period (71% of 24 years). 7 days in, 54 days left.

This year so far -1.42%Usual by today -0.21%Usual full period +3.04%Gap to the usual full move 4.5 points left

Catch-up was a coin flipIn the 13 past years that were also behind on this date, the rest of the period averaged +2.30% and ended higher in 69%.

AmazonSeason: Sep to NovBehind the usual pace

Usually higher in this period (71% of 28 years). 37 days in, 54 days left.

This year so far -1.34%Usual by today +2.93%Usual full period +14.62%Gap to the usual full move 16.0 points left

Catch-up was a coin flipIn the 13 past years that were also behind on this date, the rest of the period averaged +3.91% and ended higher in 69%.

AirbusSeason: Oct to NovBehind the usual pace

Usually higher in this period (75% of 24 years). 7 days in, 54 days left.

This year so far -1.70%Usual by today +0.04%Usual full period +7.55%Gap to the usual full move 9.3 points left

Catch-up was a coin flipIn the 13 past years that were also behind on this date, the rest of the period averaged +4.97% and ended higher in 69%.

Ahead of the usual pace (22)

This year already moved more than a typical year by today

IbovespaSeasonal window: Sep 30 to Nov 24Ahead of the usual pace

Usually higher in this period (77% of 30 years). 7 days in, 48 days left.

This year so far +10.46%Usual by today +1.02%Usual full period +4.77%Gap to the usual full move 5.7 points past it

Mixed after a fast startIn the 16 past years that were also ahead on this date, the rest of the period averaged +2.87% and ended higher in 63%.

SugarSeasonal window: Sep 20 to Oct 15Ahead of the usual pace

Usually higher in this period (92% of 25 years). 17 days in, 8 days left.

This year so far +20.28%Usual by today +5.95%Usual full period +7.01%Gap to the usual full move 13.3 points past it

Leaders usually kept goingIn the 10 past years that were also ahead on this date, the rest of the period averaged +0.11% and ended higher in 70%.

EUR/USDSeasonal window: Sep 20 to Oct 10Ahead of the usual pace

Usually lower in this period (82% of 22 years). 17 days in, 3 days left.

This year so far -2.48%Usual by today -0.65%Usual full period -0.76%Gap to the usual full move 1.7 points past it

Mixed after a fast startIn the 12 past years that were also ahead on this date, the rest of the period averaged -0.13% and ended lower in 50%.

ASMLSeason: Sep to NovAhead of the usual pace

Usually higher in this period (78% of 27 years). 37 days in, 54 days left.

This year so far +10.76%Usual by today -2.35%Usual full period +7.36%Gap to the usual full move 3.4 points past it

Leaders usually kept goingIn the 15 past years that were also ahead on this date, the rest of the period averaged +9.41% and ended higher in 93%.

MicrosoftSeasonal window: Oct 4 to Dec 13Ahead of the usual pace

Usually higher in this period (83% of 30 years). 3 days in, 67 days left.

This year so far +2.27%Usual by today -0.01%Usual full period +8.08%Gap to the usual full move 5.8 points left

Leaders usually kept goingIn the 17 past years that were also ahead on this date, the rest of the period averaged +9.49% and ended higher in 82%.

Lean hogsSeason: Aug to OctAhead of the usual pace

Usually lower in this period (92% of 25 years). 68 days in, 24 days left.

This year so far -21.17%Usual by today -9.20%Usual full period -15.60%Gap to the usual full move 5.6 points past it

Leaders usually kept goingIn the 11 past years that were also ahead on this date, the rest of the period averaged -4.84% and ended lower in 73%.

Nat gasMonth: OctoberAhead of the usual pace

Usually higher in this period (68% of 25 years). 7 days in, 24 days left.

This year so far +4.49%Usual by today +0.30%Usual full period +7.85%Gap to the usual full move 3.4 points left

Leaders usually kept goingIn the 11 past years that were also ahead on this date, the rest of the period averaged +7.84% and ended higher in 82%.

NvidiaSeason: Sep to NovAhead of the usual pace

Usually higher in this period (73% of 26 years). 37 days in, 54 days left.

This year so far +8.48%Usual by today -1.15%Usual full period +13.61%Gap to the usual full move 5.1 points left

Leaders usually kept goingIn the 14 past years that were also ahead on this date, the rest of the period averaged +12.33% and ended higher in 79%.

Exxon MobilSeasonal window: Aug 3 to Oct 17Ahead of the usual pace

Usually higher in this period (80% of 30 years). 65 days in, 10 days left.

This year so far +6.76%Usual by today +2.09%Usual full period +2.64%Gap to the usual full move 4.1 points past it

Leaders usually gave some backIn the 16 past years that were also ahead on this date, the rest of the period averaged -0.05% and ended higher in 44%.

WalmartSeason: Oct to NovAhead of the usual pace

Usually higher in this period (77% of 30 years). 7 days in, 54 days left.

This year so far +3.16%Usual by today +1.15%Usual full period +7.33%Gap to the usual full move 4.2 points left

Mixed after a fast startIn the 13 past years that were also ahead on this date, the rest of the period averaged +5.04% and ended higher in 62%.

NasdaqSeason: Sep to NovAhead of the usual pace

Usually higher in this period (83% of 30 years). 37 days in, 54 days left.

This year so far +4.66%Usual by today -0.62%Usual full period +4.59%Gap to the usual full move 0.1 points past it

Leaders usually kept goingIn the 17 past years that were also ahead on this date, the rest of the period averaged +3.72% and ended higher in 82%.

BitcoinSeason: Sep to OctAhead of the usual pace

Usually higher in this period (82% of 11 years). 37 days in, 24 days left.

This year so far +6.54%Usual by today +1.25%Usual full period +16.92%Gap to the usual full move 10.4 points left

Leaders usually kept goingIn the 6 past years that were also ahead on this date, the rest of the period averaged +14.51% and ended higher in 83%.

ShellMonth: OctoberAhead of the usual pace

Usually higher in this period (66% of 29 years). 7 days in, 24 days left.

This year so far +3.22%Usual by today +0.69%Usual full period +1.31%Gap to the usual full move 1.9 points past it

Mixed after a fast startIn the 13 past years that were also ahead on this date, the rest of the period averaged -0.60% and ended higher in 54%.

BerkshireSeasonal window: Sep 30 to Nov 29Ahead of the usual pace

Usually higher in this period (86% of 29 years). 7 days in, 53 days left.

This year so far +1.52%Usual by today +0.55%Usual full period +4.10%Gap to the usual full move 2.6 points left

Mixed after a fast startIn the 16 past years that were also ahead on this date, the rest of the period averaged +3.44% and ended higher in 56%.

SoybeansSeason: Oct to DecAhead of the usual pace

Usually higher in this period (76% of 25 years). 7 days in, 85 days left.

This year so far +0.95%Usual by today -0.81%Usual full period +5.99%Gap to the usual full move 5.0 points left

Leaders usually kept goingIn the 14 past years that were also ahead on this date, the rest of the period averaged +6.80% and ended higher in 86%.

Gasoline (RBOB)Seasonal window: Sep 28 to Nov 17Ahead of the usual pace

Usually lower in this period (80% of 25 years). 9 days in, 41 days left.

This year so far -5.35%Usual by today -2.53%Usual full period -7.74%Gap to the usual full move 2.4 points left

Mixed after a fast startIn the 10 past years that were also ahead on this date, the rest of the period averaged -7.66% and ended lower in 60%.

TotalEnergiesSeasonal window: Oct 4 to Dec 23Ahead of the usual pace

Usually higher in this period (76% of 25 years). 3 days in, 77 days left.

This year so far +2.16%Usual by today +0.89%Usual full period +4.72%Gap to the usual full move 2.6 points left

Leaders usually kept goingIn the 12 past years that were also ahead on this date, the rest of the period averaged +5.46% and ended higher in 67%.

S&P 500Season: Sep to NovAhead of the usual pace

Usually higher in this period (90% of 30 years). 37 days in, 54 days left.

This year so far +1.73%Usual by today -0.30%Usual full period +3.63%Gap to the usual full move 1.9 points left

Leaders usually kept goingIn the 17 past years that were also ahead on this date, the rest of the period averaged +3.90% and ended higher in 82%.

Russell 2000Season: Oct to DecAhead of the usual pace

Usually higher in this period (80% of 30 years). 7 days in, 85 days left.

This year so far +1.20%Usual by today -0.15%Usual full period +5.71%Gap to the usual full move 4.5 points left

Leaders usually kept goingIn the 18 past years that were also ahead on this date, the rest of the period averaged +6.23% and ended higher in 72%.

AmazonSeasonal window: Sep 28 to Oct 23Ahead of the usual pace

Usually higher in this period (79% of 28 years). 9 days in, 16 days left.

This year so far +4.12%Usual by today +1.05%Usual full period +3.89%Gap to the usual full move 0.2 points past it

Leaders usually gave some backIn the 10 past years that were also ahead on this date, the rest of the period averaged +3.66% and ended higher in 40%.

Dow JonesMonth: OctoberAhead of the usual pace

Usually higher in this period (70% of 30 years). 7 days in, 24 days left.

This year so far +1.21%Usual by today +0.64%Usual full period +2.00%Gap to the usual full move 0.8 points left

Mixed after a fast startIn the 17 past years that were also ahead on this date, the rest of the period averaged +0.88% and ended higher in 59%.

Live cattleMonth: OctoberAhead of the usual pace

Usually higher in this period (67% of 24 years). 7 days in, 24 days left.

This year so far +1.17%Usual by today +0.50%Usual full period +2.63%Gap to the usual full move 1.5 points left

Leaders usually kept goingIn the 13 past years that were also ahead on this date, the rest of the period averaged +3.06% and ended higher in 92%.

Periods are seasons of two or three calendar months, seasonal windows and the current month when its pattern is moderate or strong, each with 10 years of data or more and a hit rate of at least 65%. A market counts as behind or ahead when it is more than a quarter of a typical year's spread away from the usual move by today. One period per market is shown, the one with the clearest gap.

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Not investment advice. Market Seasonality publishes historical statistics, news summaries and scenario analysis for information and education. Past patterns do not guarantee future results. Nothing here is a recommendation to buy, sell or hold any asset, and scenarios describe possible paths without predicting them. See the disclaimer and methodology.