The S&P 500 entered September above its 200-day moving average, a technical position that has historically reduced the severity of the index’s September losses. Oppenheimer & Co. found that since 1950, the S&P 500 has averaged a 0.2% September gain when starting above the average, compared with a 3% decline when starting below it. The index closed Monday at 7,686.14, down 0.3% but about 8% above the 200-day average of 7,122.92 and only 1.4% below its August 13 record close of 7,798.99. The S&P 500 gained 2.6% in August, its strongest August since 2021, and is up 12.3% year to date and 19% over the past 12 months. Analysts cited the technical backdrop as support for cautious optimism, although inflation, potential Federal Reserve rate hikes and escalating Middle East tensions remain key risks.