MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 680.44

+0.6%

Dec 19 4:00 PM EST

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To: el paradisio who wrote (51322)	5/19/2000 5:38:00 PM
From: Michael Watkins	Read Replies (1) of 99985

el, intelligentspeculator.com A break of the swing low at 624 would also plant price well under the recent breakout and under the uptrend, likely to next attack the major swing low set on April 14/17. You can see on the chart how the 03/16 base (edit, I see I mislabled it as 5/16) provided very effective support on April 14/17. That above all is the key area. 624 is just a warning post along the way... Unlike you I do not use the top of a bullish candle for support - I use the bottom. A bullish bar says "price isn't going below me again". If it does, its time to be short... Whereas the top portion can be violated easily without breaking the support below. Just my approach. Cheers mw

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