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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 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.