mcm daily market update 8.Feb.21

ST trend: neutral

After the up squeeze on Friday, the market continued to put in unconfirmed highs on FGSI, which in the end led to a small correction. FGSI was showing that sellers are inefficient and did set up bullish excess energy (EE) vs lower levels. However, what is interesting is that FGSI is now showing that buyers are inefficient on bounces and the inefficiency is increasing. The last bounce set up bearish EE. So with both buyers and sellers being inefficient, that shows indecision. So the trend is now up for grabs, whichever side manages to break the EE first, will have the near term trend on their side.