The probability is high for the S&P 500 in February 2022 to be below its February 2021 high. This quant-based conclusion is from my research findings on four clusters of BSAs (Bullish Sentiment Anomalies). Three of the BSA clusters were formed from 1999 to 2017. The fourth BSA cluster since 1999 was formed from 12/3/2020 to 2/18/2021.
The discovery was the S&P 500 underperformed or declined for the 12-month periods which follow a cluster of BSAs. The table below depicts the periods in which a minimum of four BSAs occurred within an 11-week time frame.
The BSA is an acronym for the
Bullish
Anomaly which was discovered in November 2020.