The market closed 19 points higher from its previous close Monday following some gains in Wall Street last Friday. It opened at the low of 1904, went as high as 1932, and closed weaker than expected at 1913. Foreigners were net buyers while advancers were heavier than decliners with value traded up to more than 2 billion pesos worth on Monday. TEL shares topped the most active list, but the price hardly moved.  Future market sentiment was positive at the start of the week with all major Asian market up.

Most shares are still consolidating with balanced contraction between the volume of supply and demand. At this point, the market has not yet decided, but our MACD shows that we still have momentum to push the market higher while the RSI remains bouncing near but below the 50 point line. Overall, the market can still move both ways considering that a symmetrical movement in supply and demand is a pattern that’s more biased to the bears, the bulls could still win back a short term rally if this consolidation manages to breakout.