As seasonality shifts, is the next large move up or down? With risk assets running out of ‘narrative’ gas on Jan. 17, the bulls need new fundamental catalysts to maintain the upward momentum. However, with investors’ confidence showing signs of slippage, sharp reversals should unfold sooner rather than later. For example, bullish seasonality helped underwrite the S&P 500’s uprising in recent months. But, with the seasonality clock now bearish, the crowd will have a tough time ignoring the deteriorating fundamental backdrop. Please see below: {chart} To explain, the red circle on the left side of the chart above ... (full story)