Market Analysis for Feb 23rd, 2021

Free real-time lesson for all👇 Talk the talk, walk the walk

How does one easily identify a potential short-term momentum shift?

Past few days EOD pricing all closed around the respective day's low indicating weakness and inability to find a bid

Now, intraday bulls have a chance to close at highs today given the micro charts+key confluence from the morning bounce.

However, if price cannot muster enough strength by EOD then you know it's more of the same for continuous grind down until market finds another key level to provide stabilization.

FYI, I'm betting on market to close near day's high today with some of today's realized profits. Small calculated risk for big reward potential in the coming 1-3 days.

We shall see!

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.