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Unless a person lives in a cave, I suspect by now you've heard the S&P 500 was down for the month. I suspect you've also heard, "So goes January, So goes rest of the year!"
Looking back over the past 25 years, when the S&P 500 was down 2% or more for the month, 75% of the time it ended higher by years end! The average gain was just under 8% for the year.
Two times, a down January, was bad for the S&P in the past 25 years ( 2000 and 2008).
Yesterday I shared that the Dow was facing what could be an important Fibonacci extension level. In 2007 the Dow hit this extension level and stopped on a dime, leading to the poor 2008 performance (See post here)
The odds may be low that the Fibonacci extension level stops the Dow again in its tracks, the impact could be very important if it does!


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This chart is the Dow "Quarterly" dating back to 1965. I applied Fibonacci to the Dow's 2000 high and 2002 quarterly lows and then applied Fibonacci extension levels.
The Dow stopped on a dime in 2007, as it hit the 161% Fibonacci extension level at (1).
Now the Dow is hitting the Fibonacci 261% Fibonacci extension level at (2). While at this level, a longterm resistance line comes into play that ties in the 1987 highs and the 2002 lows.
Joe Friday, just the facts....This is not your typical resistance level and the Dow could put in a peak at this combo!
A reminder, this is a quarterly chart, will take time to prove or disprove if this Fibonacci extension level will impact the Dow.


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The U.S. Dollar's near vertical rally has it at extremes, moving average extremes that is. Levels are being hit that has only been seen twice in the past 35years.
The full article an be found at See it Markets.... (ARTICLE HERE)


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