This is a 3:30 p.m. intraday update of Turov on Timing for Thursday, May 27, 2004.
On the positive oil news and continued momentum buying from short sellers and hedge funds in a rather illiquid environment, the SPX has challenged the 1120 area which previously had been powerful support, and which now must be considered serious resistance.
The preliminary data is inconclusive as to what the Daily Model is likely to be tomorrow, but it is unlikely that it will be bullish. Neutral or bearish is a more likely reading.
Thanks for the opportunity to be of service, and I’ll email you again at the regular time.
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