The PSEi continues to go down, and it is not looking good.

The US market may have been strong during mid session Friday, but it was not able to sustain the rise as panic and fear came into the picture. The DJIA closed -127.04 points lower on Friday.

Asian markets rose but the local market was in the red as it shed another 1.69% or 35.38 points on weak volume. Only 743 million shares were traded valued at P1.9 billion with P698 million cross transactions.

Technically, the chart is showing us that the PSEi can go down below 2000. We are nearing the 2038 support level and this can get very ugly. Some are saying that this is already the bottom, we can never say. The market can go to the roof, but this could also be a bottomless pit.