The S&P 500 Index gained 10.6% during the 4th quarter of 2021. Does this have any implications for the 1st quarter of 2022? This piece highlights the history of S&P 500 performance following particularly strong quarters.; A look at the years with the closest sector and factor performance to 2021 shows that 1996 led all years. Years with similar behavior preceded mostly good returns during the next year, with some evidence of mean-reversion among the sectors.

---