May 1 Trading Diary: Short position took profit, rebound came but I’ll stay flat and watch

Yesterday’s market gave a very clear signal: if it doesn’t fall, it will rebound. So I closed my short position and took profit before bed, and sure enough, it surged today, reaching a high of 2294, so it wasn’t a waste waiting.

But the current situation is a bit awkward, the price is stuck in the 2300-2330 range, bulls and bears are fighting back and forth, there are many sell orders above on the order book, and outflows haven't stopped. Whether the rebound can continue is really hard to say. I’m now watching the 2310-2330 zone; if I can’t break above it, then this rebound is just that—only a rebound.

Currently, the price is at 2284. Entering trades at this level, with no room for movement up or down, is very easy to get whipped back and forth, so I’ll just stay on the sidelines for now and wait until the trend becomes clearer.

 

Here are the key levels for today:

- Resistance: 2320-2330, 2350, 2380

- Support: 2250-2266, 2218, 2200

My plan is very simple:

- If it stalls around 2320 and I see funds flowing out, I’ll try a short;

- If it retraces to 2250 without breaking below, the bulls are still holding; if it breaks below, I can confidently hold my short.