Oppenheimer & Co. and DataTrek Research analysts believe that despite September's historically poor performance, the S&P 500's current position above its 200-day moving average (closing at 7,686.14 on Monday, well above 7,122.92) significantly reduces downside risk. Historical data shows that when the index enters September above its 200-day average, the average gain for the month is 0.2%, whereas it averages a 3% loss when below the average. The S&P 500 rose 2.6% in the just-concluded August, its best performance for the month since 2021, and has gained 12.3% year-to-date.