Figure 1: PSE Index Chart
Last week our index reacted to the sudden surge of the US market. But our index somewhat remained cautious and indecisive on where it should go for it formed a two doji candles during the last two trading days. The momentum I was also expecting to manifest did not occur yet. In fact momentum is still continuing downward. Until a shift in momentum can be clearly seen I expect the market to move sideways to down. The index is also currently being held down by the 20 MA and is nearing short term overbought condition. There was also a gap last week that needs to be filled up by the market.
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