The S&P 500 rose 10.4% in April, joining 13 similar +10% months since 1950.
Backtest:
• 12M avg return: +13.9% (median +13.2%)
• Win rate: 89% (12/13 positive)
• Main outlier: 1987 crash
Ex-1987: avg ~+16.8%.
Momentum tends to persist, but watch volatility.