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The S&P 500 Index ended marginally lower in January, putting the January Barometer into play. However, the January barometer is not bulletproof.
In theory, 2021 should be an up year for stocks as the economy recovers and the pandemic winds down in the latter part of 2021. The risk to this outlook are vaccine-resistant mutations of the coronavirus and major geopolitical escalations like hot wars.
An index that ended up decidedly for January is the MSCI Emerging Markets Index.