Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
AAPL pulled back today without breaking above the +1 level of its uptrending regression channel, as shown on the Daily chart below. It has moved in cycles since its June 2011 low…pulling back on overbought readings of my short-term RSI indicator, and traditional MACD and Stochastics indicators…and after briefly breaking above the +1 channel level.
At the moment, there is a negative divergence on my RSI indicator and on Stochastics…MACD is still rising. Near-term support sits at, first, Monthly VWAP (broken yellow) at 417.63, then Monthly Volume Profile POC (yellow horizontal lines) at 413.86, and then the channel "mean" (broken pink) at 406.83.
January seasonality is being played out true to textbook. And the earning season is upon us. So while the top is in, do not expect major downside. There will be correction alright but I do not think it will be very deep. Let us look at SPX chart from various time frames. The 1st one is the daily chart.
The entire year so far has basically been the ES at 1272 plus or minus three TENTHS of a single percent. Sure, there's been an outlier or two, but on the whole, we are flat-lined, ba-bee!
The Bank of Canada released its latest Business Outlook Survey this morning. As referenced in the notes below (courtesy of www.Forexfactory.com), it's a leading indicator of economic health, affecting spending, hiring, and investment, and it can have predictive qualities regarding future economic conditions because the surveyed firms are selected in accordance with their composition of the nation's GDP.
The survey is shown in its entirety here: http://www.bankofcanada.ca/wp-content/uploads/2012/01/bos_winter2011.pdf