Market Outlook

Attention is set for the 6,800 target, having moved past 6,700.

The PSEi concluded yesterday’s session with a -23.42pts decline to 6,623.01.

Sentiment might glide to Wall Street’s renewed strength, as participants heed for earnings guidance on trajectory this year.

Participants will monitor if sentiment would glide to Wall Street’s latest retreat, after Fed chair Powell doused-off expectations for a rate cut in March.

Another volatile session is seen, as participants take on feelers if sentiment would sway to Wall Street’s ascent, or for profit-taking to prevail.

Expect volatility in the coming sessions, with January’s month-end portfolio closing.

The PSEi surged by +2.81% w-o-w to end the week at 6,686.09.

Gravestone doji spotted as the index snapped its 3-day winning streak.

Monitoring may continue given recent sessions’ light turnover, including supply pressure during final-minute close.

Sessions are likely to continue its upward momentum, as fresh hands take local equities closer to 6,700.

The PSEi has found itself at its 4th straight day of declines after being just a shy away from hitting the 6,700 levels on Monday.

The PSEi dropped by -2.10% w-o-w after failing to break above the 6,700 resistance.

Participants might weigh whether supply pressure would prevail, or for sentiment to glide to Wall Street’s incline (DJIA +0.54%, Nasdaq Comp. +1.35%).

Sessions might round-up on the plus-side, as fund managers seize the recent dip to move in index-tied shares.

The index has closed in the red in yesterday’s trading, inching only a shy away into the 6,700 territory.