If January is up, the year is up, and as we all know this has been a pretty darn good indicator . . . In fact, in the past 80 years it was correct in 38 out of 49 signals. The recent years in which this indicator failed were: 2003 Jan (-2.7%) Entire Year +26.4% 2001 Jan (+3.5%) Entire Year -13.0% 1994 Jan (+3.3%) Entire Year -1.5% 1992 Jan (-2.0%) Entire Year +4.4% 1984 Jan (-0.9%) Entire Year +1.4% Year to date the SPX is +3.21% as of yesterday. If the market closes out January ABOVE 1108, then the January indicator will be Bullish.