S&P Ends January Below 200-Day Average
There are a lot of positives happening right now, especially related to the thrust in market breadth. One factor definitely not in favor, though, is the combination of shorter-term seasonality and longer-term trend.
When the S&P 500 has ended the month of January below its 200-day average, the next couple of weeks have been a major struggle.
It's gotten even worse since 1950.
EDIT: One mitigating factor is that January was up, even though the S&P still closed below its average. When January showed a positive return, the next two weeks were up 6 out of 10 times, versus only 3 out of 17 times when January was down.