Wall St Week Ahead A blazing U.S. stock rally faces market's toughest month

, with the benchmark index falling an average of 0.56% since 1945, according to Sam Stovall, chief investment strategist at CFRA. The S&P has advanced only 45% of the time in September, the lowest rate of any month, CFRA’s data showed.

With worries over the Delta variant looming, "to continue to question the rally because of seasonality makes sense," said JJ Kinahan, chief market strategist at TD Ameritrade. Net leverage among hedge funds, meanwhile, stood at 50% at the start of the third quarter compared with 58% late last year, according to a Goldman Sachs report.

Still, there is plenty of support for the view that equities are likely to continue grinding higher into the end of the year.

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