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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (17980)	4/16/1998 3:02:00 AM
From: IQBAL LATIF	Read Replies (3) of 50167

Ike bird's eye view of the global market. A visit to the global shopping mall. DJIA-- The gap betwen 20 and 50 is opening up.The move from break of 8150 is now nearly 1000 point higher. I will lilke to co-relate this move to 7330 -8150 band the band I always talk about the phase of consolidation. Like a coiled spring once we had decisive break from 8150 we have rarely tested the 20 days MA and the gap between 20 days and 50 days is openeing up. Within 150 points of this move I will going by past precedent expect a touch and kiss of 20days MA-- the formation of the beak and nature of 20-50 and 100 daus MA willl give me indication of a brak below that. Markets need this test and although move between 7924 and 8518 saw no 20 days test, I would like that to happen for good of this market. Composite-----Strangely enough this indicator have very well defined movement more classical and near to reality- from 1548 to 1699 was the first move and the second move was 1699 to 1866 resistance -- in this whole move I see several tests and near tests of 20 days MA. Now let me go into further with this look at - DJ composite Nasdaq composite and NYSE composite all of these individual compositie show 4 to 5 tests of 20 days MA.DJ composite is at 2951 Nasdaq at 845 and Nyse at 582- they all look to be ready for a break out and have much more well formed approach to new highs. I will like this to be studied with RUT or what is known as Russel 2000 the resistance we are looking at is 488 this is a very important hurdle but it looks Russel will take it out, however if it fails it will be a double top and if we translate that failure with OEX sitting at 540 resistance it will indicate a shrp reversal if OEX and SPX also fails at 1126. So what we should be looking for is a break out of Russel and composite which will help also a milder break out for OEX and SP. However I will like one to look at multiple indexes for different sectors so as to identify cracks earlier the better. Nasdaq banking index--- is stragely enough giving a breakout signal whereas BKX PHLX index is giving me a signal of consolidation-- however I will keep my bet on BKX. Nasdaq banking index pattern only help consolidate my believe that Composite may have some more room to run and hence this deviation. Dj-transportation is in clear breakout mode.3662 is a big resistance. NMS computers- The pattren is quite similar to pre bhumbo move. CAC40 --My area of interest as Sonki wants to invest in Europe a little thoughts on Europe.I am looking at a test of 20 days MA and it wil be within 50 points from here but rebound will be good. I will be looking to long at test of 20 days MA. DAX-- 5374 the gap is widening between my 20 and 50 days ma's not a good sign I will like it to narrow like I see in composite.5150 is on cards. Nikkei- 16200 is a critical support I see this holding well and a base formation if it breaks I see a test of 15500. On the up 17200 is a major resistance but it is coming soon to test this resistance.The formation long term is excellent. Pre bhumbo. FTSE- the healthiest formation at 6106 the maximum number of filling the gap of 20 days close 50 days- nearly 5 test of 20 days. Looking good. I would think that interest rates cuts are on cards and market ready to rally after a test of 5800. As worries about exports grow. Singapore straits--1544 support should hold like Nikkei 's 16200. Hong Kong-- 11814 is the resistance and 10890 is the support I will expect 11814 break as a sign of putting some more money at work in ASEA. More later getting tired and have forgotten lot of levels.ggg

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