ST trend: neutral
The last 2 days we were noting that the trend was down with potential bottoming attempts. Both times sellers took control and broke through those bottoming attempts to make lower lows. We again had an unconfirmed low on FGSI (so potential bottoming attempt) yesterday heading into the cash close and buyers stepped in there with what now looks like more determination vs prior 2 times.
The o/n saw buyers win back ML (a big step towards restoring the up trend) and break the 1st bearish EE lvl set up. What is more important is that sellers are inefficient on pullbacks, setting up bullish EE, which started to hold. That is a chance in character and a warning to sellers that this time the buyers could mean business. Buyers are not out of the woods yet as the trend now is only neutral. They need to continue to hold the bullish EE levels and also to defend ML. If they can hold price above ML and continue to build on bullish EE levels, then they could shift the trend back to up.