DJIA PEAKS, SEASONALITY AND LUNAR PHASE

 

David McMinn

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Abstract. This paper examines the relationship between lunar phase and the seasonal timing of DJIA peaks. When peaks at the beginning of a bear market (≥ -20%) occur at around the same time of year, they will usually have similar lunar phase. This was a reasonably consistent trend since 1890 and numerous examples have been presented in the paper. The only notable exceptions were the 8 bear markets commencing between September 26 and December 10. Why these patterns arise in financial history remained unknown. Given the role played by lunar phase and seasonality, the answer involved the changing angles between the Moon and the Sun in the heavens. Much more research is required to decipher this enigma.

 

Keywords. Dow Jones Industrial Average, bear markets, peaks, seasonality, lunar phase.

1.0 Introduction

 

Major DJIA peaks occurring at the same time of year often had similar market outcomes (McMinn, 2010b). This concept was expanded upon and the highs at the beginning of a DJIA bear market were assessed in relation to lunar phase. Those peaks forming around the same time of year usually have similar lunar phase. It has been a persistent trend over the past 125 years and many examples have been given in the text. Only the season between September 26 and December 10 did not exhibit this phenomenon. These findings may also apply to the beginning of DJIA corrections, although more research is necessary before any firm conclusions can be drawn. How lunisolar cycles actually drive market activity is completely unknown. Seasonal and lunar phase effects would imply that the heavenly positions of the Moon and Sun are important in solving the problem. Alas nothing more can be stated.

 

An extensive coverage of DJIA bear markets since 1900 was sourced from Bespoke Investment Group (2008) and has been reproduced in Appendix 1. The author inserted additional bear markets for the 1890-1899 period, as well as four DJIA corrections that registered falls of between -18.5% and -19.9%. (A bear market is commonly defined as stock market fall of over -20%, preceded by a rise of over +20%.) Extreme volatility resulted in 8 bear markets in the five years to 1933, which would distort any findings based on data including this period. To overcome the problem, only the key bear market for the early 1930s (Sep 3, 1929 to Jul 8, 1932) was included in the listing. DJIA closing values have been used throughout the paper.

 

Annual one day (AOD) rises and falls are exceedingly important in financial patterns, a finding strongly supported by numerous correlates (McMinn, 2000, 2004, 2009). An AOD rise or an AOD fall is taken as the biggest one day percentage rise or fall in the year commencing March 1. They represent the biggest one day shifts in market sentiment during a given year. Moon Sun data was timed at noon (New York) on the relevant trading day. Degrees on the ecliptic circle have been given as E, while the angular degrees between the Moon and Sun (lunar phase) were abbreviated to Ao. Thus, 00 Ao denotes a new Moon, 90 Ao a first quarter Moon, 180 Ao a full Moon and 270 Ao a third quarter Moon. For some panics, the AOD fall recorded the actual low (eg: 1987, 1997 and 1998). However, the low after the panic was called the post-crash low in this paper. The term season has been taken as a given period during the solar year and did not apply to the traditional seasons spring, summer, autumn and winter.

 

The layout of this paper is as follows. In Section 2, the peaks at the beginning of a DJIA bear market were arranged in increasing order by month day (year ignored). The listing was then assessed in relation to lunar phase. Those peaks taking place at around the same time of year usually had similar lunar phase. In Section 3.0, the start of DJIA corrections may also show seasonal and lunar phase effects. Correction highs in 1950, 1960, 1980, 1997 and 2011 aligned in the same patterns established for corresponding bear markets. Section 4.0 concluded that the timing of major seasonal DJIA highs may be intimately linked to lunar phase. How lunisolar cycles actually influenced financial activity remained a mystery.

 

2.0 DJIA Peaks and Lunar Phase

 

Lunar phase cannot be correlated with the full listing of the 33 peaks at the start of a bear market. However, excellent relationships could still be realized if these events were listed by month day (year ignored), as shown in Appendix 2. All 14 highs between February 10 and September 3 had lunar phase between 270 A and 080 A, a range of 170 degrees. Even better outcomes could be achieved by breaking the seasons into small subsets.

 

2.1 August 1 September 10. There were five tops during this season and all had lunar phase around the new Moon or the full Moon (see Table 1). All five biggest one day percentage falls in DJIA history (≥ -8.70%) occurred after the new Moon peaks in 1899, 1929 and 1987.

Table 1
LUNAR PHASE AND DJIA PEAKS AUGUST 1 TO SEPTEMBER 10

Bear Market Beginning

Sun Eo

Moon Eo

Phase Ao

Near the new Moon

 

 

 

Sep 05, 1899

163

169

006

Sep 03, 1929

161

164

003

Aug 25, 1987

152

165

013

Near the full Moon

 

 

 

Sep 04, 1895

162

347

185

Sep 10, 1897

168

344

176

 

The remarkable parallels between the 1929, 1987 and 1997 October panics have been commented upon by Carolan (1998) and McMinn. The lunar phase similarities for the highs, panics, recoveries and lows for these events were summarized in Table 2. (The 1997 correction involved a decline of -13.2%.) For these panics, lunar phase occurred in the following ranges:
Record Highs from 00 A
o to 40 A.

The AOD falls from 310 Ao to 325 A.

The AOD rises from 330 Ao to 350 A.

The post-crash lows from 135 to 175 A.

 

The 1895 and 1899 highs occurred on September 4 and September 5 respectively with the former happening around the full Moon and the latter around a new Moon. The ensuing AOD falls took place at about the same time of year on December 20 and December 18 respectively, with the AOD rises occurring a few days later. The 1897 peak was anomalous as it did not align with trends in Table 2.

 

Table 2
LUNAR PHASE AND DJIA PEAKS AUGUST 1 TO SEPTEMBER 10

1929 and 1987 Bear Markets

Record High

AOD Fall

AOD Rise

Post-Crash
Lows (a)

Sep 03, 1929
003 Ao

Oct 28, 1929
313 Ao

-12.83%

Oct 30, 1929
338 Ao
+
12.34%

Nov 13, 1929

137 Ao

Aug 25, 1987
013 Ao

Oct 19, 1987
324 Ao
-22.61%

Oct 21, 1987
347 Ao
+10.17%

Dec 04, 1987
173 Ao

-13.2% 1997 Correction

Aug 06, 1997
037 Ao

Oct 27, 1997
320 Ao
-7.18%

Oct 28, 1997
330 Ao

+4.71%

Nov 12, 1997
155 Ao

1895 and 1899 Bear Markets

DJIA Highs

AOD Fall

AOD Rise

Sep 04, 1895

185 Ao

Dec 20, 1895
051 Ao
-6.61%

Dec 23, 1895
084 Ao

+4.38%

Sep 05, 1899
006 Ao

Dec 18, 1899
199 Ao
-8.72%

Dec 19, 1899
210 Ao
+
4.72%

(a) The DJIA lows for 1987 and 1997 occurred on the day of the panic. The post-crash lows were taken as the lows after the panic.

 

2.2 September 11 to September 25. Two highs happened on September 12, 1939 and September 21, 1976, with lunar phase at 349 A and 330 A respectively. The 1939 high was followed by panic in May 1940, although no panic happened after the 1976 peak.

 

2.3 September 26 to December 10. This season contained 8 DJIA peaks, but there was no lunar phase clustering. Why this anomaly arises in financial cycles is puzzling.

 

The peaks of September 30, 1912 and October 9, 2007 formed at about the same time of year, but there was no common lunar phase (see Table 3). Even so, the DJIA top for 1912 was debatable as it was recorded at 94.15 on September 30. This was only marginally higher than the equal second rank highs at 94.12 on both October 3 and October 8. If the 1912 high had have been recorded on the latter date, it would have aligned very closely with lunar phase on October 9, 2007.

 

Table 3
DJIA PEAKS SEPTEMBER 26 AND OCTOBER 10

DJIA High

Interval

AOD Fall

Sep 30, 1912
230 A

112 Days

Jan 20, 1913
153 A

Oct 09, 2007
346 A

104 Days

Jan 21, 2008 (a)
169 A

(a) Societe Generale troubles caused worldwide stock market panics on January 21, 2008. This date was taken as the DJIA AOD fall for 2007, even though the US market was closed on the day due to the Martin Luther King Jnr holiday.

 

2.4 December 11 to January 15. There were three highs during this season in 1961, 1973 and 2000, all of which had lunar phase between 75 A and 95 A (see Table 4). The correction commencing on January 5, 1960 also had lunar phase within this range. There were no parallels for the timing of the ensuing panic or market low.

 

Table 4
DJIA PEAKS DECEMBER 11 JANUARY 15

DJIA

Record High

Lunar
Phase
A

DJIA
AOD Fall

US
Crisis

Dec 13, 1961

076

May 28, 1962

Kennedy Slide

Jan 11, 1973

084

Nov 26, 1973

OPEC oil crisis

Jan 14, 2000

092

Apr 14, 2000

After tech mania

-16.7% 1960 Correction

Jan 05, 1960

089

No panic

US recession

 

2.5 January 16 to February 9. The three bear markets commencing in this season had lunar phase between 235 A and 295 A (see Table 5). The 1934 high was followed by a stock market panic on July 26 and the 1966 high by a US financial crisis in August.

 

Table 5
DJIA PEAKS JANUARY 16 FEBRUARY 9

DJIA High

Lunar
Phase
A

Panic/Crisis

US Crisis

Jan 19, 1906

294

No crisis

Financial distress (a)

Feb 05, 1934

249

Jul 26, 1934

DJIA panic

Feb 09, 1966

236

August

Credit squeeze (b)

(a) The San Francisco earthquake in April caused financial distress in the USA and UK.

(b) US financial crisis listed by Zarnowitz (1992).

 

2.6 February 10 to April 28. Lunar phase ranged within 60 degrees for the peaks in 1937 (332 A), 1956 (307 A) and 1981 (274 A) and within 45 degrees for the highs in 1892 (076 A), 1923 (034 A) and 2002 (062 A) (see Table 6). This and August 1 - September 10 were the only seasons that gave two clusters widely spaced apart in the lunar phase circle. The 1980 correction commenced on February 13 with lunar phase at 324 A, which was close to that recorded for the 1937 and 1956 peaks. Lunar phase at the start of the 2010 correction (156 A) did not align with other peaks in this season.

 

Table 6
DJIA PEAKS FEBRUARY 10 APRIL 28

DJIA High

Lunar Phase A

Mar 04, 1892

076

Mar 10, 1937

332

Mar 19, 2002

062

Mar 20, 1923

034

Apr 06, 1956

307

Apr 27, 1981

274

-16.0% 1980 Correction

Feb 13, 1980

324

-13.6% 2010 Correction

Apr 26, 2010

156

 

2.7 April 29 June 30. All four peaks in this season had lunar phase between 320 A and 015 A, a range of 55 degrees (see Table 7). The 1950 and 2011 correction highs also had lunar phase within this range.

 

Table 7
DJIA PEAKS APRIL 29 JUNE 30

DJIA High

Lunar Phase A

May 17, 1890

346

May 21, 2001

342

May 29, 1946

343

Jun 17, 1901

015

-13.5% 1950 Correction

Jun 12, 1950

328

-15.9% 2011 Correction

Apr 29, 2011

321

 

 

The highs in 1901, 1946 and 2001 showed up in the month to June 20 (see Table 8) and were each followed by an initial panic in early September with another major one day fall 6 days later. The associated major one day rises took place in the month to October 15.

 

Table 8

6 DAY INTERVALS AND DJIA PEAKS APRIL 29 TO JUNE 30

DJIA Peak

1st OD Fall

%

2nd OD Fall

%

OD Rise

%

Panics of 1901, 1946 & 2001

Jun 17, 1901

Sep 07, 1901

-4.43

Sep 13, 1901

-4.27

Sep 16, 1901

+4.10

May 29, 1946

Sep 03, 1946

-5.56

Sep 09, 1946

-4.41

Oct 15, 1946

+3.58

May 21, 2001

Sep 11, 2001

na

Sep 17, 2001

-7.13

Sep 21, 2001

+4.47

Panics of 2008 and 2011

May 02, 2008 (a)

Oct 09, 2008

-7.33

Oct 15, 2008

-7.87

Oct 13, 2008

+11.08

Apr 29, 2011

Aug 04, 2011

-4.31

Aug 10, 2011

-4.65

Nov 30, 2011

+4.24

(a) Peak in the calendar year.
Abbreviation: OD One Day.


The peaks in 1901, 1946 and 2001 happened with lunar phase between 340 and 015 A (around the new Moon) (see Table 9). The first one day fall in the 1901 and 2001 panics had lunar phase between 280 and 300 A (after the 3rd quarter Moon) and in 1946 at 91 A (on the 1st quarter Moon). There was no common lunar phase for the major one day rises after the panics.

 

Table 9

LUNAR PHASE AND DJIA PEAKS May 20 - JUNE 30

DJIA Peak

Phase

A

1st OD Fall

Phase
A

2nd OD Fall

Phase

A

Panics of 1901, 1946 & 2001

Jun 17, 1901

015

Sep 07, 1901

298

Sep 13, 1901

010

May 29, 1946

343

Sep 03, 1946

091

Sep 09, 1946

159

May 21, 2001

342

Sep 11, 2001

281

Sep 17, 2001

004

Panics of 2008 & 2011

May 02, 2008*

321

Oct 09, 2008

115

Oct 15, 2008

192

Apr 29, 2011**

321

Aug 04, 2011

067

Aug 10, 2011

143

* Market high for the calendar year.
** Beginning of a
-15.9% correction .
Abbreviation: OD One Day.

 

For 2008 and 2011, the tops occurred on May 2 and April 30 respectively, a little earlier in the year than in 1901, 1946 and 2001. On the day of these two peaks, lunar phase was at 321 A, followed by two major one day falls 6 days apart in early August and mid-October. Importantly, the AOD rise in 2008 occurred four days after the first one day fall, whereas the AOD fall showed the same timing in 2011 (see Table 10).

 

Table 10
THE 2008 AND 2011 DJIA PANICS

Panic of 2008

OD Fall

 

AOD Rise

 

AOD Fall

Oct 09, 2008
-7.33%

+4 days

Oct 13, 2008
+11.54%

+2 days

Oct 15, 2008

-7.87%

Panic of 2011 (a)

OD Fall

 

AOD Fall

 

OD Fall

Aug 04, 2011
-4.31%

+4 days

Aug 08, 2011
-5.55%

+2 days

Aug 10, 2011
-4.62%

Abbreviations: OD One Day. AOD Annual One Day.

(a) -15.9% correction market.

 

2.8 July 1 July 31. The July 16, 1990 and July 17, 1998 highs had lunar phase at 286 A and 284 A respectively (see Table 11). The panics occurred in August and the bear market slumps were both around -20%. Lunar phase did not align closely for the AOD falls or the post-crash lows.

 

Table 11
LUNAR PHASE AND DJIA PEAKS JULY 1 JULY 31

Record High

AOD Fall

Post-Crash Low

Jul 16, 1990
286 A

Aug 06, 1990
181
A

Oct 11, 1990
277
A

Jul 17, 1998
284 A

Aug 31, 1998
107
A

Sep 10, 1998
238
A

 


3.0 DJIA Corrections and Lunar Phase


The link with seasonality and lunar phase may also apply to the beginning of DJIA corrections. There is some evidence to support this speculation and examples have been given in Table 12 for selected corrections (≥ -12.5 ≤ -18.5%) since 1950. The correction highs in 1950, 1960, 1980, 1997 and 2011 exhibited similar seasonal and lunar phase effects as established for historical bear markets. However, this was not repeatable for corrections starting in 1953, 1967 and 2010 and thus there was no overall consistency. Table 12 did not present a complete list of all historic corrections over the past 65 years and a more detailed study is essential before any firm conclusions can be reached.

 

Table 12
LUNAR PHASE AND SELECTED DJIA CORRECTIONS

≥ -12.5% ≤ -18.5% SINCE 1950

Correction

Start

Correction
Low

%

Fall

LP of
High

Equivalent Lunar Phase for
Start of Bear Markets (a)

Jun 12, 1950

Jul 17, 1950

-13.5

328

1901 (015 Ao), 1946 (343 Ao),
2001 (342 A
o) (see Table 7).

Jan 05, 1953

Sep 14, 1953

-13.0

240

No equivalents

Jan 05, 1960

Oct 25, 1960

-16.7

089

1961 (076 Ao), 1973 (084 Ao),
2000 (092A
o) (see Table 4).

Sep 25, 1967

Mar 21, 1968

-12.5

256

No equivalents

Feb 13, 1980

Apr 21, 1980

-16.0

324

1937 (332 Ao), 1956 (307 Ao)
(see Table 6).

Nov 29, 1983

Jul 24, 1984

-15.6

329

(b)

Aug 06, 1997

Oct 27, 1997

-13.2

037

1899 (006 Ao), 1929 (003 Ao),
1987 (013A
o) (see Table 2),

Apr 26, 2010

Jul 02, 2010

-13.6

156

No equivalents

Apr 29, 2011

Sep 23, 2011

-15.9

321

1901 (015 Ao), 1946 (343 Ao),
2001 (342 A
o) (see Table 7).

(a) This was based on the listing presented in Appendix 2.
(b) The 1983 high occurred in the Sep 26 - Dec 10 season, which contained no lunar phase patterns (see Appendix 2).

Abbreviations: LP Lunar phase. BM Bear markets.

 

 

4.0 Discussion and Conclusions

 

Lunar phase could not be correlated with the full listing of the 33 peaks at the beginning of DJIA bear markets as presented in Appendix 1. Excellent links between lunar phase and these DJIA peaks could only be accomplished by breaking the sample down into small seasonal subsets. The DJIA highs occurring at about the same time of year usually had very similar lunar phase, with the findings being summarized in Table 13.

 

Table 13
A SUMMARY

LUNAR PHASE AND SEASONAL DJIA PEAKS

Season

Number

of Highs

Sun
Eo

Moon
Eo

Phase
A
o

Jan 16 Feb 09

3

295 - 325

195 - 235

235 295

Feb 10 Apr 28

3
3

350 040
345 - 000

310 325
030 - 065

270 335

030 - 080

Apr 29 Jun 30

4

055 - 090

040 - 105

340 - 015

Jul 1 Jul 31

2

110 - 120

035 - 040

280 - 290

Aug 01 Sep 10

3
2

150 165

160 - 170

160 180
340 - 350

000 015
175 - 185

Sep 11 Sep 25

2

165 - 180

150 - 160

330 350

Sep 26 Dec 10

8

No overall pattern

Dec 11 Jan 15

3

260 - 295

335 - 030

075 095

NB: The Mar 1 Apr 15 and Aug 1 Sep 10 seasons each had two lunar phase clusterings.
Source of Raw Data.
Bespoke Investment Group (2008) for the beginning of all bear markets post 1900. The author expanded this listing to cover the period 1890 to 1899 and included four additional DJIA corrections with declines from -18.5% to -19.9%.

 

The relationships between seasonality, lunar phase and the beginning of DJIA bear markets held up very well over the past 125 years. The only major anomaly was the September 26 December 10 season, when no lunar phase effect was observed. All other seasons experienced a clustering of lunar phase in restricted ranges. The findings supported the Moon Sun hypothesis, which viewed financial markets as being structured mathematically in time and moving in tune with lunisolar cycles (McMinn, 2004, 2010, 2013). They also offer clues for the design of follow up studies, which are essential to expand upon the concepts presented in the paper.

 

Lunar phase can be an indicator of an impending bear market. When significant peaks do form, it is worthwhile to check its lunar phase to see if it aligns closely with historical peaks in Appendix 2. Using this method, the 2011 panic was predicted, with two large one day falls 6 days apart, However, it happened earlier than expected in early August rather than September October. This approach is primitive and much more research is required before lunisolar cycles can be upgraded into a useful forecasting tool.

 

The commencement of bear markets can be linked directly to Moon Sun cycles, given the key roles played by lunar phase and seasonality. The relationships are very interesting, but they cannot explain how the Moon and Sun could possibly influence trading activity. Obviously, the changing angles between the Moon, the Sun and the spring equinox point (000 E) were vitally important in solving the mystery. That is all that can be stated. Even so, there may be emerging a simple theory based on Moon Sun tidal harmonics, which would reduce the complexity of market cycles to a few basic principles. Such a paradigm shift would offer the potential to make accurate financial forecasts years in advance. Even when this breakthrough is achieved, it probably will not be published given the potential profits to be made.

 

Acknowledgements
I would like to thank the editor and the reviewers for their input in the publishing of this paper. As always, their contribution was greatly appreciated.

 

References
Bespoke Investment Group. (2008), Historical Bull and Bear Markets for the Dow: 1900-Present. October 14. Available at: http://www.bespokeinvest.com/thinkbig/2008/10/14/historical-bull-and-bear-markets-for-the-dow-1900-present.html

Carolan, C. (1998). Autumn panics: a calendar phenomenon The Market Technician. Journal of the Society of Technical Analysts. p 12-18. Issue 32. July.

McMinn, D. (2000). Lunar Phase & US Crises. The Australian Technical Analysts Association Journal. p 20-31. January/February.

McMinn, D. (2004). Market Timing By The Moon & The Sun. Twin Palms Publishing. 153p.
McMinn, D. (2010a). Market Timing Moon Sun Research 2006-2009. Privately published. 183p.

McMinn, D. (2010b). DJIA Peaks, Seasonality and Market Outcomes. Market Technician. Journal of the Society of Technical Analysts. Issue 67. p 10-13. October.

McMinn, D. (2013). Fibonacci Lucas Numbers, Moon-Sun Cycles and Financial Timing. Market Technician. Journal of the Society of Technical Analysts. Issue 75. p 9-13. October.
Zarnowitz, V. (1992). Business Cycles: Theory, History, Indicators and Forecasting. The University of Chicago Press. 613p.

 

Appendix 1
DJIA BEAR MARKETS SINCE 1890 (a) (b)

Highs

Lows

% Decline

May 17, 1890*

Dec 08, 1890*

-22.6

Mar 04, 1892*

Jul 26, 1893*

-34.6

Sep 04, 1895*

Aug 08, 1896*

(c)

Sep 10, 1897*

Mar 25, 1898*

-24.8

Sep 05, 1899*

Sep 24, 1900

-31.8

Jun 17, 1901

Nov 09, 1903

-46.1

Jan 19, 1906

Nov 15, 1907

-48.5

Nov 19, 1909

Sep 25, 1911

-27.4

Sep 30, 1912

Dec 24, 1914

-43.5

Nov 21, 1916

Dec 19, 1917

-40.3

Nov 03, 1919

Aug 24, 1921

-46.6

Mar 20, 1923*

Oct 27, 1923*

-18.6 (a)

Sep 03, 1929

Jul 08, 1932

-89.1

Feb 05, 1934

Jul 26, 1934

-22.8

Mar 10, 1937

Mar 31, 1938

-49.1

Nov 12, 1938

Apr 11, 1939

-21.7

Sep 12, 1939

Jun 10, 1940

-28.3

Nov 07, 1940

Apr 28, 1942

-32.5

May 29, 1946

Jun 13, 1949

-24.0

Apr 06, 1956*

Oct 22, 1957*

-19.4 (a)

Dec 13, 1961

Jun 26, 1962

-27.1

Feb 09, 1966

Oct 07, 1966

-25.2

Dec 03, 1968

May 26, 1970

-35.9

Jan 11, 1973

Dec 06, 1974

-45.1

Sep 21, 1976

Feb 28, 1978

-26.9

Apr 27, 1981

Aug 12, 1982

-24.1

Aug 25, 1987

Oct 19, 1987

-36.1

Jul 16, 1990

Oct 11, 1990

-21.2

Jul 17, 1998*

Aug 31, 1998*

-19.9 (a)

Jan 14, 2000

Mar 22, 2001

-19.9 (a)

May 21, 2001

Sep 21, 2001

-27.4

Mar 19, 2002

Oct 09, 2002

-31.5

Oct 09, 2007

Mar 09, 2009*

-53.9

A bear market was defined as a DJIA decline of over -20% that was preceded by a rise of over +20%.

* Inserted by the author.

(a) Four DJIA corrections were included as they recorded declines from -18.5% to -19.9% and thus almost qualified as bear markets.

(b) The 1890 - 1895 data based on the 12 Stock Average index.
(c) A percentage decline could not be calculated, as the 1895 high was based on the 12 Stock Average and the 1896 low on the DJIA.

Sources. Bespoke Investment Group (2008) for bear market dates post 1900. The author extended this listing to cover the 1890 to 1899 period. Four additional DJIA corrections with declines from -18.5% to -19.9% were included.

 

 

Appendix 2
DJIA PEAKS, SEASONALITY AND LUNAR PHASE
Post 1890 (a) (b)

DJIA Peaks
Beginning of BM

Sun
Eo

Moon
Eo

Phase
A
o

Sun (295 - 325 Eo); Moon (195 - 235 Eo); Lunar Phase (235 - 295 Ao)

Jan 19, 1906

299

233

294

Feb 05, 1934

316

205

249

Feb 09, 1966

321

197

236

Sun (345 - 040 Eo); Moon (310 - 065 Eo); Lunar Phase (270 - 080 Ao)

Mar 04, 1892

345

061

076

Mar 10, 1937

350

322

332

Mar 19, 2002

359

061

062

Mar 20, 1923 (c)

359

033

034

Apr 06, 1956 (c)

017

324

307

Apr 27, 1981

037

311

274

Sun (055 - 090 Eo); Moon (040 - 105 Eo); Lunar Phase (340 - 015 Ao)

May 17, 1890

057

043

346

May 21, 2001

061

043

342

May 29, 1946

068

051

343

Jun 17, 1901

086

101

015

Sun (110 - 120 Eo); Moon (035 - 040 3Eo); Lunar Phase (280 - 310 Ao)

Jul 16, 1990

114

040

286

Jul 17, 1998 (c)

115

039

284

Sun (150 - 165 Eo); Moon (160 - 180 Eo); Lunar Phase (000 - 015 Ao)

Aug 25, 1987

152

165

013

Sep 03, 1929

161

164

003

Sep 05, 1899

163

169

006

Sun (160 170 Eo); Moon (340 - 350 Eo); Lunar Phase (175 - 185 Ao)

Sep 04, 1895

162

347

185

Sep 10, 1897

168

344

176

Sun (165 - 180 Eo); Moon (150 - 160 Eo); Lunar Phase (330 - 350 Ao)

Sep 12, 1939

169

158

349

Sep 21, 1976

180

150

330

No distribution pattern established for the Moon or lunar phase.

Sep 30, 1912

187

057

230

Oct 09, 2007

196

180

346

Nov 03, 1919

220

342

122

Nov 07, 1940

225

325

100

Nov 12, 1938

230

114

244

Nov 19, 1909

237

314

077

Nov 21, 1916

239

192

313

Dec 03, 1968

252

058

166

Sun (260 - 295 Eo); Moon (335 - 030 Eo); Lunar Phase (075 - 095 Ao)

Dec 13, 1961

261

337

076

Jan 11, 1973

291

015

084

Jan 14, 2000 (c)

294

026

092

(a) These highs have been placed in order by month day, with the year ignored.

(b) The 1890 1895 data based on the 12 Stock Average index.
(c) The 1923, 1956, 1998 and 2000 peaks marked the beginning of a correction with a slump of between -18.5% and -19.9%.

Sources of Dates. Bespoke Investment Group for all dates post 1900. The author extended this listing to cover the 1890 to 1899 period. An additional four DJIA corrections were inserted and denoted by (c) in the table.