Yes, a momentum strategy for the S&P 500 works. We use monthly bars and a simple moving average strategy crossover system.
Let’s backtest a simple monthly momentum strategy for S&P 500:
When the close of the current month crosses above the 12-month simple moving average, we go long.
When the close of the current month crosses below the 12-month simple moving average, we sell (and stay in cash until we get a buy signal).
Let’s look at the equity curve shown in the image.
You can find more info about this trading strategy here:
https://www.quantifiedstrategies.com/sp-500-momentum-strategy/
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