![[ANALYSIS] It's the ghost month! Forecasts on the stock market's true direction](https://i.newsformal.com/images/2023/8/4/rapplerdotcom/analysis-it-s-the-ghost-month-forecasts-on-the-sto-analysis-it-s-the-ghost-month-forecasts-on-the-sto-1687554095270273024.webp)
Obviously, the market is currently moving sideways since it recently made that remarkable rebound some weeks ago. It fell below its longtime support level of 6,400 then made an amazing breakout from its immediate resistance point of 6,600 on an interesting comeback play the week later.
Since then, the market is bobbing up and down within several points from the 6,600 level. Its true direction has become quite obscure. Trading Economics is the US firm that provides market information for 196 countries including historical data and forecasts for more than 20 million economic indicators, exchange rates, stock market indexes, government bond yields and commodity prices.
Market strategist and chief trader of H.E. Bennett Sec., Joel Dela Peña, agrees with Gaite, but has more to say in the market’s continued climb. A more potent driver should rise to counter lingering uncertainties like the country’s inflation outlook. Stockbroker Rene De los Reyes of Abacus Capital & Investment Corporation shares a new dimension that gives out a new breath of fresh air in the market’s outlook until the end of the year.
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