mcm daily market update 29.Mar.22

ST trend: up (with potential topping pattern)

The market has continued the melt-up started in mid March with each ML break down attempt being stick-saved quickly and ML being recovered easily after that. Yesterday was the same as prior 2 days. ML test in the o/n, bounce into the o/n highs, then drop into RTH session to lose ML briefly, but recover it again and then squeezer higher once more.

The o/n saw continued follow through for the buyers. Only sideways consolidation, FGSI showed sellers were VERY inefficient as it declined to centerline on almost no price pullback. Then push to new highs. Right now we do have an unconfirmed high on FGSI and IGSI, which has the potential to mark a larger top. The key word is POTENTIAL. As long as danny holds and/or 400bar MA, the up trend is intact. Sellers need to show up and defend those unconfirmed highs, then break these 2 supports (which held throughout the entire o/n). Once that happens another ML test would be likely and that would be the key for the trend, as always.