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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (29538)11/2/1999 8:48:00 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
I highlighted yesterday 1362 as the support on SPZ we nearly closed at that point without breaking it, now today we should hold this interim we can break and should hold ast 1355-50 area where I would see a long trade, however a close below 1362 today will amke this point a resistance until Friday,I think that to read a short term daily direction is the tirckiest of business and I will like to take help of my other indicators to play within the day on SPZ options, like Comp 2950 break will give me a first indication of test of 1350 area on SPZ that will indicate softening of the market, I will watch for 755 on BKX and NDX 2600, for me the solid supports are well beyond like 2775 on Comp and 2500 on NDX for me if 1350 is taken out those are outer limits where we can hit that would correspond to 1332 on SPZ , but today I will concentrate on 1350-52 area and holidng of 1362 support a good successful test of these supports will keep the journey towards 1400 intact..where 1407 remains the trigger..

Market is basically trying to test the immediate supports before it makes any attempt higher, 1362 should be key area as well as 1350 support a break of that later support will make 1350 a resistance so I will be little careful.. For direction I will like to look at SOX DOT also if these two indxes are holding above 730 and 548 I would assume that DOW movement down will be temporary as well SPZ movement will be fully recoverable.. Dips for me remain interesting subject to my other cross indicators holding fine.. regards.. Ike
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