NEW YORK, JAN. 8 -- While it has stirred a new round of debate on Wall Street and in Washington, the Brady Commission's report on the October stock market collapse is unlikely to generate any legislative action before at least 1989, members of Congress and political analysts said today.

The distractions and cramped schedule of a presidential election year, combined with serious disagreement among politicians, regulators and financial executives over what market reforms should be pursued, will make it very difficult for Congress to act quickly on any reform proposals, they said.

"I don't see us passing any legislation" this year, said Rep. Dan Glickman (D-Kan.). "You've got a whole assortment of issues that just cause tremendous blood pressure among people in the financial industry."

Other members of Congress and staffers agreed, though some said the chances of significant action might improve if the White House aggressively backed a set of reform proposals, something it has not done so far. Such an effort might cut through the contentious lobbying that has attended the market reform debate since October, they said.

Another factor will be the financial markets themselves. If volatile swings such as today's 140.59-point drop in the Dow Jones industrial average continue, both Congress and the White House may again feel a sense of urgency about market reform.

"I think what it would really take is another crash, another major drop in the market to galvanize people to act," said Rep. Charles Schumer (D-N.Y.) "There is a general bias against interfering with the market mechanism."

Until this week, many in Congress expected the Brady report to set the agenda for debate over possible reforms. But controversy attending some of the presidential commission's recommendations combined with a White House effort to downplay the report's significance has undermined those expectations.

Like the White House, the financial community has been divided over what specific legislative and regulatory changes, if any, are needed to reduce volatility in the stock and futures markets.

Financial exchange officials in Chicago and New York, with millions of dollars in revenue at stake, have traded shots over who deserves blame for the market collapse. And Wall Street executives, who are generally opposed to government intervention of any sort, have not yet rallied around any specific reform package.

If that contentious atmosphere persists, Congress will find it difficult to assume any leadership role, especially since constituents have exhibited little alarm so far about Wall Street's problems. "As far as Washington is concerned, there's not the feeling that the general public is that interested," said one lobbyist, who asked not to be identified.

"No one wants their fingerprints on a disaster," said Rep. Jim Cooper (D-Tenn.), a member of the House Energy and Commerce Committee, which oversees the securities industry. "The big worry I think most members {of Congress} have is: Which is more harmful, no action or clumsy reform?"

Even if consensus support for a specific package of reform proposals should emerge in the coming weeks, it will be difficult for Congress to push through legislation in the midst of a presidential election year. "You're moving into a year that's going to be very short and very overloaded," said Norman Ornstein, a resident scholar and Congress-watcher at the American Enterprise Institute.

Besides the distractions of multiple campaigns and two political conventions this summer, the Senate will be absorbed in coming months with what is expected to be heated debates over trade issues and the nuclear arms treaty signed by President Reagan and Soviet leader Mikhail Gorbachev at their December summit.

Moreover, the House and Senate committees that oversee the securities industry are also occupied with pending legislation aimed at revising the rules governing the business activities of commercial and investment banks. Several lobbyists said today that banking reform has become a higher priority than financial market issues for key committee members.