The second line begins with the index "SPX" followed by the difference between the beginning value and the ending value (the return for the year). The second number is the lowest low from the beginning and the third number is the highest high from the beginning. There is a dash between the 2nd and 3rd numbers, not a minus sign.
The third line begins MDD for Maximum drawdown and the percentage amount followed by the date it occurred. The final item in line 3 CAR (Compound Annual Return) should be ignored. CAR is inaccurate in the pre 1953 charts because it assumes a year to be 252 trading days.
Vertical dashed lines have been drawn on the 1st trading day of each month.
The following charts show a rolling 20 year average (5 cycles) of year 2. Each month is made up of 21 trading days including the first 11 and the last 10 trading days of the month. When a month had more than 21 trading days some of the days in the middle have been excluded. When a month had less than 21 trading days some of the days in the middle were counted twice. Prior to 1953 the market traded 6 days a week so some days in the middle of the month were always excluded. Any day with a move of more than 2% had its move counted as 2% so no single day would change the shape of the chart.
