This is a 10:25 intraday update of Turov on Timing for Monday, March 26, 2012.
The SPX is up sharply this morning, a combination of what it “should” be doing as described in the overnight report, plus positive comments from Fed Chief Bernanke.
My intraday model is showing only modest negative divergence, and while the odds do favor the SPX closing lower than where it is now, the odds are not overwhelming by any means, and the momentum of the market cannot be ignored. I certainly wouldn’t want to be long at this point if I were a day trader, but I’m disinclined to go short either, considering the marginal odds.
Thanks for the opportunity to be of service, and I will update again in about 15 hours.
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