This is an 11:00 a.m. intraday update of Turov on Timing for Wednesday, March 26, 2008.
The SPX is currently down about 14 points at about 1339.
After going 300% long at SPX 1302 last Thursday and taking profits yesterday at SPX 1346, TOT daily traders are currently on the sidelines. Stay there. My intraday model (SPX) is showing no positive divergence whatsoever, and my NASDAQ model is actually indicating that that index will most likely decline further today.
My best educated guess is that we will see the market move modestly lower into the close, followed by an upside turnaround early tomorrow morning.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of tomorrow’s session.
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