Today’s mixed market performance with mega-cap tech shares declining while other major indexes moving higher is not unusual behavior during January in recent years. The only difference is it has usually been tech moving higher while other areas of the market retreated. Since 2000, the S&P 500 has declined eleven times in twenty-one years in January. This recent weakness can be seen in the above January seasonal pattern chart.

Over the last 21 years, Only NASDAQ has posted a full-month average gain. DJIA, S&P 500, Russell 1000 and Russell 2000 have all started January positive, only to surrender early-month gains by the end of the month. Weakness has historically accelerated just after mid-month, around the eleventh trading day.