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To: steve susko who wrote (23457)	2/13/1999 1:55:00 AM
From: IQBAL LATIF	Respond to of 50167

I think on these levels we need to see our levels as they are breached, if support is taken out we go lower if resistances are broken we may see move higher, right now we are at cross roads and expect to test 1210, I have been told of this huge sell programme in a market with very thin volume that led to break of 1980 yesterday in NDX, so all said and done, the resolve of bulls and bears will be actively tested by the market.. I think it is kind of territory battle and like 900-990 moves we are loking at 1292 and 1180 area as a battle ground for bulls and bears, with 1130 acting as that 850 support in this battle. I know one thing for sure that pits were long at the opening soon after market opened lower 10-11 points on SPH, according to my info they were long at 1250 and they wanted not to shortthe market until 1235 is taken out, it is because of breakdown of movement between NDX and SPH that I use NDX as an early signal of an impending break in SPH.. If the indicator which has held market at these levels so far cannot hold we will see presure developing on SPH albeit with certain lag time. That is what we found yesterday, once 2018 was taken out NDX 1998 was point to short.. Thursday mini bhumbo rally led to lot of stops on upside being triggered, likewise today break of 1255 led to lot of new shorts being placed. Markets at these highs need this kind of action for simple reason that if new high has to be made we need strong hands to hold, if these hands are not strong enough we may see market retesting it supports before it makes new attempts to break the highs..