----  PEERLESS SEASONAL STUDY ----------------  
       (C) 2020 William Schmidt, Ph.D.  www.tigersoft.com
         All rights strictly reserved.   
====================================================================
        The first weak of the new year often brings a sharp pivot downward by the
        DJI when the DJI is above the upper 1.4% band but not above the 4.2% upper
        band and the Accumulation Index is low (below +.042).  Below we label these as S12s.

        Date         la/ma     P-I        IP21     V-I      Outcome
        1/5/1931  1.016    -75      -.059    -443   Rose to 3.5% upper band and then fell to 3.5% LB.
        1/5/1933  1.041    -7        -.045    -59      Rose past upper band and then fell below  LB.
        1/3/1935  1.032  +28       -.014    -15     Rose to upper band and then fell to 3%  LB.
        1/2/1936  1.015  +38       -.110    -22     Rose a long ways after testing rising 65-dma.
        1/6/1938  1.032  +74       -.104    -224   Rose for two days more above 3.5% UB, then fell below  LB.
        ---------
        1/3/1939  1.022     -9       +.042    -89     Fell quickly below  LB.
        1/4/1940   1.022  +70      +.042    +54     Fell quickly to 3.5% LB.      War expected
                                      All positive - does not prevent a decline.
        1/6/1941   1.017  +12      -.080     -30     Fell quickly below  LB.      War expected
        1/2/1942   1.022  -55      +.039     -238   Fell quickly below  LB.      War.
        1/6/1949   1.020  -6        -.016       -101  Fell to slightly below first test of LB
         ----------
        1/3/1958   1.019  -13      -.049       -101 Rose for next five weeks.  Basing.
        1/5/1960  1.018   +4      -.038       -170  Fell quickly below  LB.
        1/4/1963   1.020  +30     +.030     -104 Rose for next eight weeks. 
        1/4/1965   1.014  +4       -.095       -288 Rose for next eight weeks. )
                          low  
        1/5/1966   1.023  +54     -.026           +8  Fell quickly below  LB      War.
        ------------        
        1/2/1968  1.021   +60     +.023          +7  Fell quickly below  LB 
                                      All positive
        1/2/1970   1.026  -87      -.053          -2  Fell quickly below  LB
        1/3/1972   1.019  +218   +.037          +2 Rose for next eight weeks. 
        1/3/1973   1.021  -42      +.011          -1   Rose to 3.5% upper band and then Fell quickly below  LB.
        1/2/1974   1.032  -86      -.008           -2   Rose for two days more above 3.5% UB, then fell below  LB.
         -------------
        1/2/1981   1.029  -71      -.040           -5  Rose for two days more above 3.5% UB, then fell to  LB.
        1/5/1984   1.019  +5       -.024           +0  Fell quickly below  LB 
        1/6/1989  1.016   +90      +.04           +8 Bull market starting.
                                     All positive
      (1/3/1990  1.027  +36      +.08            -4  Fell quickly below  LB )
                                          too high
       1/3/1997   1.017  +17     +.027          -27 Bull market starting.
        1/4/2002   1.024  +269   +.040             0 Fell quickly to 3%  LB.
         -------------
        1/6/2003   1.031  +184   +.034          -67 Fell quickly below  LB.     War expected
        1/5/2009   1.033  +406   +.010          +31 Fell quickly below  LB
                                     All positive
        1/4/2010   1.014  +380   -.088          -30 Fell quickly below  LB
                           low
        1/4/2011   1.016  +203   -.017          +92 DJI rose two more months.
        1/3/2012   1.025  +246   -.090            +1 DJI rose ten weeks.
         -------------
         1/2/2014   1.020  +123   +.015           +7 Fell quickly below  LB
                                   All positive
         1/4/2018 1.019  +217   -.046            +48 DJI rise another 3 weeks and then fell steeply below LB.
         __________________________________________________________________________________
                     N = 32   18  produced declines below the lower band.
                                      5   produced declines to the lower band.
                                     10 produced significantly higher prices.


         1/2/2020 1.023  +464   +.042           +92
                                  All positive


                                                   Current Chart

1931
1933
1935
1936
1938
1939
1940
1941
1942
1949
1958
1960
1963                                     1/4/1963  1.020   +30     +.030     -104
1965
1966
1968
1970
1972
1973
1974

1975
1981
1984
1989
1990                                                              No S12                                                                IP21 was too high.
1997
1999
2001
2002
2003
2009
2010
2011
2012
2014
2018