To: James Strauss who wrote (24661 ) 3/25/1999 9:03:00 AM From: IQBAL LATIF Read Replies (3) | Respond to
I think if this rally has to continue we should see my 2015 established as new support and composite may take out 2400 resistance, right now this is the first obstacle and next would be DOW, perhaps if leaders take off and we have some support from RUT to take our 392 decisively it will signal end of this immediate corrective phase. I am also watching with NDX 2015 resistance as the market opens and support within next 45 minutes, OEX 640 has to taken out, I will take a cue from BKX 855 and DOT 600, if these indices are all up, this market goes higher from 2400 to test the old highs on composite, may be this time around we may have this old high of composite and NDX meeting DOW 10,000 at the same time. I think a good trader can see these indexes closely and play them as they take off from the supports, I like BKX as a good index to play on the long side. SOX has tested 350 and after today's MU results will most likely consolidate in this 350 and 360 area, if it takes out 362 nothing stops it to go higher to 393 area but we need those two closes above 362 area.. Right now I think it would be nifty fifty which I would closely watch if they falter I will like to cover my downside.. The supports are clear a break of NDX 1993 area is bad for immediate direction, mind you we have not yet closed that 1262 SPM gap fully although some puritans will like to see it below that gap, I would live with it if now we have a double close above 2400 on composite, if that happens I would look for that new high on compsite NDX/...
