"This is another negative indication on top of the missing Santa Claus Rally, a down First Five Days and the Dow closing below its December closing low on January 21 triggering the December Low Indicator, " says Hirsh, who adds that the market is completing a two-year bearish "three peaks and a domed house" pattern coined by technical analyst George Lindsay.

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However, the fact that stocks still rose for the week is a good indication of how much negative sentiment is already factored into market prices.

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This suggests any indication of tapering could have a deeply negative effect on risk sentiment and ultimately on stock prices.

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Instead, and what may be a first indication that we are moving back into the mindset where any negative data, including that out of the US, has the tendency to strengthen the US dollar on safe-haven buying.

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