OUTLOOK
The index closes lower on a downtick at 3034.81 on its second day above the broken downtrend line. A near term throwback below the trendline similar to those that occured in Dec-2007 and Jan-2008 would mean the trend continues to be in effect. A near term retreat and a bounce off the intermediate down trendline should be enough evidence to reasonably disprove that. If this trendline break turns out to be valid then we look at how the index will behave at the 3,300 level to give us a clue as to the tendency of the changing trend. At this point, odds still favor the continuation of the downtrend. Net foreign buying of P1.6B for the last 4 trading days appears promising.
PRICE AND TURNOVER
Close: 3,034.81 * Change: -13.50 (-0.44%) * Volume/Value: 2,979,156,000
MARKET BREADTH
Net Adv Issues: -9 * Net Foreign Selling: 509,685,975 * Net Up Volume: 420,103,470
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term uptrend * Prior Support 2,800 * Prior resistance 3,300 * Broken intermediate trendline.
The index closes lower on a downtick at 3034.81 on its second day above the broken downtrend line. A near term throwback below the trendline similar to those that occured in Dec-2007 and Jan-2008 would mean the trend continues to be in effect. A near term retreat and a bounce off the intermediate down trendline should be enough evidence to reasonably disprove that. If this trendline break turns out to be valid then we look at how the index will behave at the 3,300 level to give us a clue as to the tendency of the changing trend. At this point, odds still favor the continuation of the downtrend. Net foreign buying of P1.6B for the last 4 trading days appears promising.
PRICE AND TURNOVER
Close: 3,034.81 * Change: -13.50 (-0.44%) * Volume/Value: 2,979,156,000
MARKET BREADTH
Net Adv Issues: -9 * Net Foreign Selling: 509,685,975 * Net Up Volume: 420,103,470
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term uptrend * Prior Support 2,800 * Prior resistance 3,300 * Broken intermediate trendline.
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