Confluence

Today’s live states, matched against every settled month since Aug 1981 that read the same — on the history side, the record as first published, older months partly on today’s revised data. Matched exactly, listed in full. We present the record; we do not assert predictive skill.

Today · LIVE

The four states below define "a month like today." Every month since Aug 1981 that read the same on all four is listed in the register.

today's states: live · analog months: settled month record through Oct 2026

Today's other readings — live, and not used to select the months below. They appear on each register row (as they were known at their own record months) so you can compare then with now:

Margins × valuation — both stretched, counted

both stretched margins +1.35σ · CAPE +1.57σ

64 of 278 quarters since 1957Q1 read like today, across 12 periods; the current period is 3 quarters old (since 2025Q4).

statequartersperiods+1y median+3y medianworst +3y
both stretched ← today6412+12.1% (N=61)+32.0% (N=61)−37.6%
one stretched9522+10.8% (N=94)+37.1% (N=87)−38.7%
neither6721+15.4% (N=67)+41.1% (N=66)−13.3%
either compressed528+15.9% (N=52)+46.6% (N=52)−22.1%

S&P total return · Shiller monthly convention · quarterly join — CAPE at each quarter's end month. The windows open at the month-end after the margin figure's release. The shared house ladder, deep + pale folded · counts, never probabilities. This card describes — the analog matcher does not consume it · margins AS OF 2026Q2 · CAPE AS OF 2026-06

S&P 500 — the analog months shaded

1999-032002-032005-042008-052011-052014-052017-052020-052023-062026-101,0002,0003,0005,0007,000
  • months matching today on all four dimensions
  • the open episode

Log scale.

68 months · 30 prior episodes since Aug 1981

The table is complete; nothing is chosen for you.

episodethen — entry-month readingswhat followed — S&P total return
datesmonthsperiodbft/HEAcurveFS·M·IRM/IR trajEB thenCPS thenduringworst aft.+1y+3y+5ybecame
Oct 2026 → open11expensive / expensivenot inverted56 · 59 · 30stable / stable+41.7%+1.35σ—————same period
Jul 2026 → Aug 2026adjacent25expensive / expensivenot inverted57 · 57 · 33stable / improving+41.7%+1.08σ+3.2%————Healthy Expansion
May 2026 → May 2026adjacent13expensive / expensivenot inverted55 · 60 · 21improving / stable+37.5%+1.08σ—————same period
Sep 2025 → Nov 202531expensive / expensivenot inverted46 · 52 · 23stable / deteriorating+20.8%+0.85σ+2.6%————same period
Jul 2025 → Jul 202511expensive / expensiveinverted46 · 39 · 28deteriorating / stable+8.3%+0.96σ——+18.3%——same period
May 2025 → May 202511expensive / expensivenot inverted41 · 64 · 37stable / stable+12.5%+0.96σ——+20.7%——Transitional
Oct 2024 → Nov 202421expensive / expensiveinverted39 · 49 · 38stable / deteriorating+33.3%+0.82σ+2.5%—+17.3%——Overheating
Feb 2024 → Jul 202467expensive / expensiveinverted42 · 59 · 30improving / stable+4.2%+0.97σ+11.2%—+18.5%——Transitional
Jul 2023 → Jul 202316expensive / expensiveinverted33 · 58 · 18stable / stable+25.0%+1.00σ—−3.3%+29.4%+81.5%—Disinflation
Jul 2021 → Dec 202163expensive / expensivenot inverted67 · 71 · 25stable / deteriorating+41.7%+1.32σ+7.7%−15.1%−6.5%+42.4%—same period
Jan 2020 → Jan 202014expensive / neitherinverted47 · 55 · 53stable / stable+8.3%+1.08σ—+4.3%+50.0%+56.9%+131.2%same period
Nov 2018 → Nov 2018128neither / expensivenot inverted60 · 68 · 59stable / deteriorating+37.5%+1.07σ—+4.0%+28.1%+84.6%+100.2%same period
May 2018 → Sep 2018522expensive / expensivenot inverted64 · 73 · 81improving / improving+62.5%+1.12σ+8.1%−5.6%+16.3%+80.6%+78.1%same period
Mar 2018 → Mar 2018120expensive / expensivenot inverted69 · 61 · 63deteriorating / deteriorating+50.0%+1.09σ—−3.9%+7.7%+63.0%+67.2%same period
Jan 2018 → Jan 2018118expensive / expensivenot inverted62 · 67 · 71stable / improving+33.3%+1.06σ—−3.7%+5.8%+53.0%+60.0%same period
Oct 2017 → Oct 2017115expensive / expensivenot inverted58 · 59 · 56stable / deteriorating+29.2%+1.07σ—−1.8%−1.8%+46.8%+60.0%same period
Jul 2017 → Aug 2017212neither / neithernot inverted59 · 59 · 63stable / stable+41.7%+1.18σ+0.2%+1.6%+11.0%+41.5%+58.9%same period
Apr 2017 → May 201729neither / neithernot inverted57 · 61 · 60stable / stable+20.8%+0.95σ+1.7%+0.2%+16.0%+38.4%+73.9%same period
May 2007 → May 200716neither / neithernot inverted52 · 57 · 75stable / improving+40.9%+1.42σ—−48.2%−15.7%−23.8%−0.2%Soft Patch
Feb 2007 → Feb 200713neither / neitherinverted50 · 56 · 67stable / improving+13.6%+2.31σ—−45.9%−4.6%−12.3%+5.6%same period
Feb 2004 → Apr 200436neither / neithernot inverted72 · 64 · 58improving / deteriorating+33.3%+1.61σ−0.6%−3.6%+8.0%+40.9%−9.5%same period
Mar 2000 → Mar 2000117expensive / expensivenot inverted56 · 73 · 89stable / stable+57.1%+0.43σ—−38.6%−9.4%−31.1%−10.3%same period
Dec 1999 → Jan 2000214expensive / expensivenot inverted59 · 75 · 89stable / improving+47.6%+0.56σ−0.1%−39.5%−16.8%−38.7%−10.6%same period
Jun 1999 → Jul 199928expensive / expensivenot inverted64 · 64 · 84stable / stable+38.1%+1.04σ+4.5%−31.5%+12.7%−31.5%−8.7%same period
Feb 1999 → Feb 199914expensive / expensivenot inverted61 · 63 · 81stable / stable+52.4%+0.95σ—−19.4%+10.8%−13.5%−8.8%same period
Mar 1998 → Jul 1998525— / expensivenot inverted70 · 60 · 84deteriorating / stable+23.8%+1.97σ+7.9%+1.3%+30.8%+6.3%+7.2%Soft Patch
Nov 1997 → Dec 1997221— / expensivenot inverted76 · 75 · 85stable / stable+42.9%+2.15σ+2.6%+0.5%+23.5%+32.5%−12.4%same period
Jun 1997 → Sep 1997416— / neithernot inverted73 · 63 · 94stable / stable+33.3%+2.02σ+7.4%+2.6%+23.7%+52.6%+3.7%same period
Dec 1996 → Jan 1997210— / neithernot inverted70 · 59 · 88stable / stable+26.3%+1.75σ+3.3%−3.4%+38.2%+90.0%+56.0%same period
Aug 1996 → Oct 199636— / neithernot inverted71 · 69 · 90stable / stable+42.1%+1.80σ+6.2%+3.3%+31.8%+101.0%+65.2%same period
Mar 1996 → Mar 199611— / neithernot inverted57 · 64 · 91improving / stable+15.8%+1.76σ—−2.2%+28.6%+111.8%+106.9%same period
Oct 1995 → Oct 199513— / neithernot inverted61 · 60 · 92improving / stable+21.1%+1.39σ—+0.2%+23.6%+104.3%+134.1%Soft Patch
Aug 1995 → Aug 199511— / neithernot inverted59 · 56 · 92improving / stable+21.1%+1.39σ—+2.4%+23.0%+87.2%+158.2%same period
S&P 500 median (closed episodes)+3.3% (N=15)−3.3% (N=25)+17.3% (N=29)+46.8% (N=25)+58.9% (N=23)

Returns are S&P total return · Shiller monthly convention (dividends reinvested monthly — see "The total-return basis" under Methodology). "During" runs from the episode's first month-end to its last; a one-month episode has no such window at month-end anchoring and shows "—" (its median counts multi-month episodes only). The forward windows open at the second month-end after the episode's last month, because an episode's end is known only once the next month's label is decided, five weeks into the month after it. "Worst aft." is the deepest monthly total-return level within the 36 months after that month-end, from its level. The +1y/+3y/+5y columns are measured from the same month-end. An episode is the matching months themselves — not the surrounding regime period. Context columns show each episode's entry-month readings as they were known five weeks into that month. The household-allocation and profit-share columns read the latest quarter published by then. The curve column is the 3-month to 10-year yield curve, inverted or not. A "—" shows where a series' history doesn't reach. Historical record, not a forecast.

The shape of what followed

one dot = one closed episode

−48%0%+158%
Worst aft.
+1y
+3y
+5y

worst aft.: 15 of 25 saw a decline · +1y: 6 of 29 ended lower · +3y: 6 of 25 · +5y: 7 of 23

How it's measured →