I had expected the SPX to advance 10-15 points today, and at the high, it was up 15 points. Unfortunately, because it gap opened 6 point higher, the +15 point gain was only 9 points above our SPX 2444.72 purchase price. From there, it retreated about 11 points, and now it sits at about 2446. The odds of the market exceeding its former high are small now — possible, but small. TOT daily traders are advised to raise your stop to an SPX 2444.72 breakeven, and if not stopped out, take your profit on the close and go into the weekend flat.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in prior to the start of Monday’s trading session.
Turov on Timing is Copyright © 2017 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. All caveats and advisories that appear in the monthly Turov on Timing apply equally to this email including the fact that past performance is not a guarantee of future performance. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the Turov Investment Group Inc. All recommendations are based on the Standard & Poor’s cash index (SPX) which cannot be directly traded and Turov Investment Group Inc. makes no recommendation or suggestion to readers as to how SPX-based recommendations should be traded but rather leaves that to the discretion of each individual reader. The “official” price of the opening and closing SPX is as reported at www.bigcharts.com and may not be consistent with futures or ETF prices. All recommendations are based on that “official” price. Any recommendation that is to take place at a specific time is basis the “opening” on a one minute bar chart beginning at that time and ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.