PRICE AND TURNOVER
Close: 1872.85
Change: (TODAY) +10.66 +0.6% (YTD) -1,740.13 -48.1%
Value: 993,436,460
MARKET BREADTH
Net Advancing Issues: +24
Net Foreign Buying: (TODAY) -31,424,644 (YTD) -48,357,164,993
TRENDS
* Primary DOWNTREND | Corrective wave | MA180 Declining
* Intermediate CONSOLIDATION | MA60 Declining | Support 1684 | Resistance 2068
* Short term CONSOLIDATION | MA15 Sideways
CHART WATCH
This market ends the year dismally lower by 48.1% fueled by NET FOREIGN SELLING OF 48.4Bn for the whole of 2008. Mirroring its US counterpart, the PSEi's primary and intermediate trends are declining while turning sideways in the near term. The local average has confined itself to a range of 1684 and 2068. There is nothing in the charts that clues us in to which direction the index will break out. So for now I anticipate the sideways movement to continue and eagerly await the breakout move. It is worthwile to note that the average has enough room to rally until around 2800 without eroding the validity of the bigger downtrends. But the direction of the larger trends favor the odds of the index ultimately resuming the downtrend shortly after. SELL on strength.
Close: 1872.85
Change: (TODAY) +10.66 +0.6% (YTD) -1,740.13 -48.1%
Value: 993,436,460
MARKET BREADTH
Net Advancing Issues: +24
Net Foreign Buying: (TODAY) -31,424,644 (YTD) -48,357,164,993
TRENDS
* Primary DOWNTREND | Corrective wave | MA180 Declining
* Intermediate CONSOLIDATION | MA60 Declining | Support 1684 | Resistance 2068
* Short term CONSOLIDATION | MA15 Sideways
CHART WATCH
This market ends the year dismally lower by 48.1% fueled by NET FOREIGN SELLING OF 48.4Bn for the whole of 2008. Mirroring its US counterpart, the PSEi's primary and intermediate trends are declining while turning sideways in the near term. The local average has confined itself to a range of 1684 and 2068. There is nothing in the charts that clues us in to which direction the index will break out. So for now I anticipate the sideways movement to continue and eagerly await the breakout move. It is worthwile to note that the average has enough room to rally until around 2800 without eroding the validity of the bigger downtrends. But the direction of the larger trends favor the odds of the index ultimately resuming the downtrend shortly after. SELL on strength.
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