The global stock markets have been dropping drastically for the past 2 weeks and many of the blue chips from the Philippine Stock Exchange have broken down from its major uptrend. Although, some of them are still hanging on like what I have on the canvass. From a technical perspective, SM Investments Corporation (SM) could be a good buy opportunity at its current level since its right at the major support which is the 2-year uptrend. Aside from the fact that the current price is a strong technical level of support, it’s also logical to say that if the Dow Jones Industrial Average (DJI) rebounds today, this could too. However, observe caution since the price of SM now moves below the 50, 100 and 200-day moving averages and the MACD at the negative territory. Also, the stock markets have been very volatile lately. In any case I’d enter this at PHP500, I’d cut below PHP493.00 or if the 2-year uptrend gets broken.