March’s seasonality picture is surprisingly constructive for US equities, awkward for bonds, and historically supportive for oil/commodities—with the big caveat that macro/geopolitical shocks are already distorting the “typical” path (especially in crude). Below is an exec-style set of actionable takeaways distilled from the note.

Executive summary

1) US equities: seasonality tailwind, but “path” matters

  • Base case: March tends to be positive more often than not for the S&P 500 (since 1990: ~+1.0% avg~64% positive months).

  • Key nuance: March 2020 is a major outlier; excluding 2020, March ranks as one of the strongest months in the post-1990 sample (per the note).

  • Tactical implication: Expect choppier/trend-following behavior early March, with historically healthier performance later in the month.

Action: If adding equity risk, consider staging adds (lighter early March, more willingness to add on dips mid/late-month), rather than “all-in day 1.”


2) “Jan + Feb up” is a bullish conditional signal

  • In years since 1990 where both January and February were positive, March improved (note cites ~+1.4% avg and ~71% positive occurrences).

  • Even more important: those years showed a strong March–December follow-through (note cites ~93% positive occurrence and ~+13.1% avg).

Action: Use any early-March weakness as a buy-the-dip framework, with a bias to maintain core equity exposure if the year started positive.


3) Watch the “least favorable” YTD setup: slightly positive YTD into March

  • If end-Feb YTD is slightly positive (0–+5%), the note shows average March ~0%—i.e., seasonality can flatten despite being broadly positive in other regimes.

Action: Pair equity adds with defined-risk hedges (tight risk limits, collars, or put spreads) if positioning into March is already moderately long.


Sector positioning (US): broad tailwinds, specific tilts

4) Tilt toward Real Estate, Energy, Tech, Consumer Discretionary (seasonal support)

  • Real Estate: strongest seasonal rebound signal in the note.

  • Energy / Tech / Consumer Discretionary: strong early-year seasonality that continues through March (note cites March legs around +1.6% Energy+0.8% Tech+1.4% Cons Disc on average).

Action: Overweight/lean into these sectors versus market, but prefer liquid expressions (sector ETFs, baskets) if volatility picks up.

5) “Defensives rebound” angle: Utilities & Telecom

  • Utilities and Telecom historically show rebound characteristics in March.

Action: If you want equity exposure with a calmer profile, use Utilities/Telecom as a partial ballast rather than reducing equities outright.

6) Healthcare: weakest seasonal, but still positive

  • Healthcare screens weakest on the seasonal lens, though still positive per the note.

Action: Treat Healthcare as neutral/underweight at the margin for seasonal-only trades unless other catalysts dominate.


Other asset classes

7) Bonds: March is historically the toughest month

  • The note flags March as historically worst month for bonds (proxied by US 10Y futures), within a broader weak window Feb–Apr.

Action: Be cautious adding duration in early March; if you must hold duration, consider tactical hedging (e.g., futures overlay) or favor front-end/less duration-sensitive exposures.

8) Oil & commodities: strongest seasonal window begins (Mar–Jun), but crude already ran

  • Seasonality supports oil/commodities from March into June.

  • This year crude is already ~+14% YTD vs typical ~+1% by end-Feb (per note), driven by geopolitical shocks—so the market is ahead of schedule.