The PSEi is looking good since it already rose above the resistance at 2342. But the index is not out of the woods yet.

Should the index close the gap at 2415, then maybe we would have more reason to be bullish.  But until then, we are to consider that area to be a resistance for the PSEi.

Unlike the DJIA, the PSEi has risen above all three moving averages but the setup is not yet totally bullish.

The MACD has its fast line now below the slow line, so we should be careful as there could be some selling that is due this week.

As we always ask others, what’s wrong with taking profit?

Recommendation: Take profit
Resistance: 2415