— Michael Antonelli (@BullandBaird) September 20, 2021
Today’s Chart of the Day was shared by Michael Antonelli (@BullandBaird). The S&P 500 fell 1.70% today, marking the fifth-worst day so far this year. The current drawdown is 3.95% on a closing basis, which as Michael points out, makes this the third-largest pullback we’ve seen in 2021. The largest pullback this year took place in early March with the S&P 500 falling as much as 4.23%. The average year sees about three pullbacks of 5% or more. So, it has been an unusually calm year so far, and a pullback of this magnitude is completely normal. Keep in mind that this is happening during a seasonally weak time of year. Not only is this historically one of the worst months for the S&P 500, but it’s also one of the worst weeks as well.