mcm daily market update 15.Mar.21

ST trend: up (with potential pullback risk)

On Friday we were noting that the trend was down with a potential bottoming attempt and indeed the market found its footing in the morning and then grinded up throughout the day. It continued higher on Sunday, but then retreated after touching the area close to the ATH.

This morning, price touched again the Maginot Line (ML) on the pullback and we had an unconfirmed low on FGSI, from where the market bounced hard and is now close to the ATHs again. That makes the ST trend up, however FGSI is at extreme optimism, so its behavior needs to be monitored to see if we get further up squeeze or a pullback to allow it to "cool off".