To close out the January round of Monthly Analysis, let’s slip further into the land Will Have to See It to Believe It. Some of you might recall my monthly post on the S&P 500 from October 1, “If It Was Any Other Market”, when I talked about the bearish key reversal posted during September. This reversal pattern indicated the major (long-term) trend could be turning down, with the S&P 500 consolidating during October before extending its major uptrend to a high of 3,870.90 during January 2021. However, as January came to a close the S&P 500 finished at 3,714,24, down 41.83 for the month. This pattern looks to be a bearish spike reversal, another pattern indicating the major trend could’ve turned down, and this one was in conjunction with a bearish crossover by monthly stochastics above the overbought level of 80%. Am I willing to sell all my stocks because of this? No, but I also won’t be surprised, from a technical point of view, if the S&P 500 starts to come under pressure over the coming months. Lastly, given the extreme volatility seen in US stock markets during January anything is possible. So to answer the question if the S&P 500 could fall from these lofty heights my answer would have to be, “Why not?”.