The SPX declined 1.05 points yesterday to close at 1153.04. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish.
Both the long and short term models remain bullish.
I trust that all subscribers have received the March monthly issue of Turov on Timing and its discussion of St. Patrick’s Day. Despite the heavy probability that today will be up as a result of the St. Patrick’s analysis, the daily model is unable to generate better than a neutral reading today, largely as a result of the uncertainty of triple witching. Risk is simply too high to justify going long. The market needs some more time to find its roots, and to venture into the swamp before that happens is just too dangerous. Start the weekend early and stand aside.
Have a great weekend, Thanks for calling, and I’ll speak with you again in 72 hours.