German economic rebound
The German economy continues to recover, with ZEW Germany Expectation of Economic Growth rising to the highest level in almost 2 decades:
Such strong investor sentiment towards economic expectations led to more gains for German equities in the last 3 cases. But before that (in 1994), this led to extreme choppiness over the next year:
As for the S&P 500, this led to more gains over the next year: