{
 "source": "Yahoo chart API ^GSPC daily closes, price only (no dividends)",
 "first": "1950-01-03",
 "last": "2026-09-18",
 "rule": "record close to lowest close before the next record; listed if the fall is 20% or more",
 "cross_check": "largest fall equals research/sp500-drawdowns.json max_drawdown_pct",
 "episodes": [
  {
   "peak": "1956-08-03",
   "peak_close": 49.64,
   "trough": "1957-10-22",
   "trough_close": 38.98,
   "fall_pct": -21.5,
   "new_record": "1958-09-24"
  },
  {
   "peak": "1961-12-12",
   "peak_close": 72.64,
   "trough": "1962-06-26",
   "trough_close": 52.32,
   "fall_pct": -28.0,
   "new_record": "1963-09-03"
  },
  {
   "peak": "1966-02-09",
   "peak_close": 94.06,
   "trough": "1966-10-07",
   "trough_close": 73.2,
   "fall_pct": -22.2,
   "new_record": "1967-05-04"
  },
  {
   "peak": "1968-11-29",
   "peak_close": 108.37,
   "trough": "1970-05-26",
   "trough_close": 69.29,
   "fall_pct": -36.1,
   "new_record": "1972-03-06"
  },
  {
   "peak": "1973-01-11",
   "peak_close": 120.24,
   "trough": "1974-10-03",
   "trough_close": 62.28,
   "fall_pct": -48.2,
   "new_record": "1980-07-17"
  },
  {
   "peak": "1980-11-28",
   "peak_close": 140.52,
   "trough": "1982-08-12",
   "trough_close": 102.42,
   "fall_pct": -27.1,
   "new_record": "1982-11-03"
  },
  {
   "peak": "1987-08-25",
   "peak_close": 336.77,
   "trough": "1987-12-04",
   "trough_close": 223.92,
   "fall_pct": -33.5,
   "new_record": "1989-07-26"
  },
  {
   "peak": "2000-03-24",
   "peak_close": 1527.46,
   "trough": "2002-10-09",
   "trough_close": 776.76,
   "fall_pct": -49.1,
   "new_record": "2007-05-30"
  },
  {
   "peak": "2007-10-09",
   "peak_close": 1565.15,
   "trough": "2009-03-09",
   "trough_close": 676.53,
   "fall_pct": -56.8,
   "new_record": "2013-03-28"
  },
  {
   "peak": "2020-02-19",
   "peak_close": 3386.15,
   "trough": "2020-03-23",
   "trough_close": 2237.4,
   "fall_pct": -33.9,
   "new_record": "2020-08-18"
  },
  {
   "peak": "2022-01-03",
   "peak_close": 4796.56,
   "trough": "2022-10-12",
   "trough_close": 3577.03,
   "fall_pct": -25.4,
   "new_record": "2024-01-19"
  }
 ]
}