Early morning direction: Cautiously go long. Although the MACD death cross and short-term capital outflow indicate downward pressure, the more important mid-to-long-term capital continues to flow in, spot buying remains strong, moving averages are in a bullish alignment, and the price is consolidating healthily above key support levels, all supporting the logic of a rebound after consolidation and a breakout to the upside. The narrow Bollinger Bands also suggest an imminent trend reversal.