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To: Alex who wrote (52515)	5/10/2000 7:35:00 PM
From: Tom Byron	Respond to of 116815

alex: crb index broke thru resistence closing above 219 today...here's some recent comments and numbers. these comment do not include comments on today close yet. CRB Outlook: Test of March highs on tap? By Kevin Pendley, BridgeNews Chicago--May 10--The CRB is expected to trend higher Wednesday, and should tackle key chart resistance at the March highs of 217.88. A decisive push through that point would clear the way for a run to the 220.00 zone. * * * Strong energy and grains prices should fuel early gains in the CRB, with soybeans, corn, wheat, crude oil and heating oil all trading solidly higher in after-hours action. Livestock futures should have a mixed tone on the index, with hogs pressured by slumping belly prices and cattle supported by solid beef demand. The CRB was last up 0.28 at 217.41, lifted by early gains in copper, which was up 1.14%. Jly cocoa was just 2 ticks higher, which had a very minor bullish impact on the index. TECHNICAL POINTS TO WATCH IN THE BRIDGE/CRB INDEX (CRB) 254.79 -- May 29, 1997, high; highest since May 1996 240.00 -- support/resistance swing line 221.56 -- January 1998 previous benchmark low, now resistance 220.00 -- major support/resistance swing line on charts dating back to January 1991; upside target from range breakout 218.44 -- previous trading range lows in early 1998, now resistance 217.88 -- March 16 high; highest since July -217.49 -- Tuesday's high >217.13 -- Tuesday's close -215.63 -- Tuesday's session low 214.67 -- 61.8% retracement of March decline; violated Monday 213.13 -- 20-day moving average 213.01 -- 40-day moving average 210.76 -- 100-day moving average 209.91 -- Oct. 14 high; previous trading range highs; important testing point for recent breakout--violated 2 weeks ago 209.16 -- trendline support drawn from the July lows (rising at 63 bps/week) 205.99 -- 200-day moving average 205.00 -- swing line on daily charts 200.33 -- 100-week moving average 199.66 -- Oct. 11 low; starting point of lower border of 2-month triangle; key support from range low 195.99 -- gap on daily charts left by Aug. 30 higher opening 193.99 -- reversal high set May 6; old trading range highs, now support 188.44 -- July 28 low; double bottom on daily charts 182.67 -- July 13 low; lowest since June 1975 180.30 -- June 1975 low on monthly charts NOTES: At the close, the Commodity Research Bureau's index of 17 futures prices was 1.41 higher at 217.13. The CRB pushed higher again Tuesday, but stopped just shy of resistance from the March highs and needs to break through that point to suggest that a new upside breakout is on tap. The overall trend is still toward higher prices, but the lethargic nature of rally attempts in recent weeks brings up some concerns about the staying power of a new bull market. If the CRB does falter without taking out the March highs, it would leave a strong resistance line on the charts. However, a slide back below 210.00 would be needed to seriously jeopardize the intermediate bull market outlook. Bridge and Telerate users, please double click for the chart: Media://Analytics/Pages::/cmd=US@CR/CH/MA/HZ2/NVO Media://Analytics/Pages::/cmd=US@CR/CH/MA/NVO/WK (weekly) ------------------------------------------------------------------------ End [Begin BridgeLinks] BridgeNews, Tel: 312-454-3477 Bridge and Telerate users, please double click for the chart: Media://Analytics/Pages::/cmd=US@CR/CH/MA/HZ2/NVO Media://Analytics/Pages::/cmd=US@CR/CH/MA/NVO/WK (weekly) [End BridgeLinks] Copyright 2000 Bridge Information Systems Inc. All rights reserved.