Comments on: S&P 500 Intermediate Term – Still holding above support http://midasmarketanalysis.com/2010/05/23/sp-500-intermediate-term-still-holding-above-support/ Tue, 04 Oct 2011 07:38:10 +0000 http://wordpress.org/?v=abc hourly 1 By: K Taskov http://midasmarketanalysis.com/2010/05/23/sp-500-intermediate-term-still-holding-above-support/comment-page-1/#comment-73 K Taskov Sun, 04 Jul 2010 22:39:29 +0000 http://midasmarketanalysis.com/?p=2395#comment-73 Thank you for the clarification. I misread the post as saying that we are still in uptrend. Have a great holiday. Thank you for the clarification. I misread the post as saying that we are still in uptrend. Have a great holiday.

]]> By: D Hawkins http://midasmarketanalysis.com/2010/05/23/sp-500-intermediate-term-still-holding-above-support/comment-page-1/#comment-72 D Hawkins Sun, 04 Jul 2010 20:46:59 +0000 http://midasmarketanalysis.com/?p=2395#comment-72 Thank you for your question. I presume you're referring to my post of May 23rd, the weekly bars chart. The supporting action of S2 isn't necessarily of higher importance than the break of S3, it's just the more recent action on that chart. At the time of that posting, S3's break told us that the uptrend that started in March of '09 had ended. That break was followed by support at S2. If price continued to hold above S2, that would be an indication that a new uptrend was starting. However, after May 23rd, it became obvious that S2 was not holding, and that means that a new downtrend has started. Thank you for your question. I presume you’re referring to my post of May 23rd, the weekly bars chart. The supporting action of S2 isn’t necessarily of higher importance than the break of S3, it’s just the more recent action on that chart. At the time of that posting, S3’s break told us that the uptrend that started in March of ‘09 had ended. That break was followed by support at S2. If price continued to hold above S2, that would be an indication that a new uptrend was starting. However, after May 23rd, it became obvious that S2 was not holding, and that means that a new downtrend has started.

]]> By: K Taskov http://midasmarketanalysis.com/2010/05/23/sp-500-intermediate-term-still-holding-above-support/comment-page-1/#comment-71 K Taskov Thu, 01 Jul 2010 18:06:58 +0000 http://midasmarketanalysis.com/?p=2395#comment-71 Hello, Can you please clarify why in this case the support action of the S2 curve is of higher importance than the break of the S3 curve? Thanks. Hello,

Can you please clarify why in this case the support action of the S2 curve is of higher importance than the break of the S3 curve?

Thanks.

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