For the past 5 years, $S&P 500(.SPX)$ $NASDAQ 100(NDX)$ $Dow Jones(.DJI)$ have all topped inside the same Nov–Feb window.
Here’s how each cycle lined up:
- Dec 2019–Feb 2020
- Nov 2021–Jan 2022
- Dec 2024–Feb 2025
- Dec 2025–Feb 2026 (projected repetition)
Despite all the talk about the “Santa Rally,” this period has repeatedly marked cycle exhaustion, not acceleration.
Whether the final high was Oct 29 or still forms in December, it falls inside this same topping window.
We are in that window now.
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