In fact, it would have kept you on the sidelines and given you reason to think that the rally was an illusion and was for suckers. The snap back to earth when rallies fail can be breathtaking, and 2016 unfolded with a -9.15% loss for worldwide market indexes and a -7.88% loss for the S&P 500, for the worst start in stock market history.
The Warren Buffett Indicator shows that the market is still overvalued. The profit recession is on the horizon. US manufacturing is contracting.
The only thing holding up the stock market's hope for a rebound is the continued strength in US jobs growth. As of January 17, 2016, numbers were still healthy:
...and with VIX at elevated levels, there's a good chance a short term trading bottom is getting near. The only tricky part, as always, is guessing where the VIX will top out. Picking tops and bottoms is hard; it tends to go farther than people expect: