OUTLOOK
The local stock market average is in synch with the 2-day decline of its U.S. counterpart. The index opens about even, quickly breaks 30pts lower and stays at those levels until it ends the day near the lows. As of the moment, 3 waves of different sizes are moving in unison and driving the PSEi downward at a steady clip - the intermediate downtrend, the short term downtrend, and the 5-day downswing. It is not unreasonable to see a swing correction in the near term but it is likely to be cut down in short order by the declining minor trendline. Foreign selling continues to hound the market to the tune of 480M NFS today. Another YTD record high is hit as the cumulative NFS reaches 18.8B.
PRICE AND TURNOVER
Close: 2,824.81 * Change: -30.94(-1.08%) * Value: 1,716,825,000
MARKET BREADTH
Net Adv Issues: -22 * Net Up Volume: -88,867,120 * Net Foreign Buying: -479,628,047
TECHNICAL ANALYSIS
Primary consolidation * Intermediate downtrend * Minor downtrend * Support 2750 * Resistance 3050 * Double top on the weekly chart
The local stock market average is in synch with the 2-day decline of its U.S. counterpart. The index opens about even, quickly breaks 30pts lower and stays at those levels until it ends the day near the lows. As of the moment, 3 waves of different sizes are moving in unison and driving the PSEi downward at a steady clip - the intermediate downtrend, the short term downtrend, and the 5-day downswing. It is not unreasonable to see a swing correction in the near term but it is likely to be cut down in short order by the declining minor trendline. Foreign selling continues to hound the market to the tune of 480M NFS today. Another YTD record high is hit as the cumulative NFS reaches 18.8B.
PRICE AND TURNOVER
Close: 2,824.81 * Change: -30.94(-1.08%) * Value: 1,716,825,000
MARKET BREADTH
Net Adv Issues: -22 * Net Up Volume: -88,867,120 * Net Foreign Buying: -479,628,047
TECHNICAL ANALYSIS
Primary consolidation * Intermediate downtrend * Minor downtrend * Support 2750 * Resistance 3050 * Double top on the weekly chart
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