As we turn the page to November, history is on the bulls’ side.

Since 1950, the three-month stretch from November through January has been the strongest seasonal period for the S&P 500, with an average return of 4.4%double the typical three-month average of 2.2%.

Seasonality alone isn’t a trading signal, but it’s another data point in the mosaic of quantitative and historical factors that help shape our forward market outlook.