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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
