A weak-side pattern is already in place—any rebound is an opportunity to short.

Last night, global risk assets put on the standard “buy the rumor, sell the fact” extreme harvest move!

Memory giant Micron Technology released an explosive earnings report: revenue surged 346% year-over-year, gross margin is approaching 85%, and performance guidance fully surpassed market expectations—this is the strongest ultimate positive catalyst for the current AI tech chain and for risk assets. In the initial moments after the news landed, Nasdaq futures shot up in a straight line and the tech sector rallied across the board; the market’s long sentiment instantly hit the ceiling. But when the good news is fully digested, it becomes the biggest negative!

After the US stock market officially opened, everything opened high and then slid lower on heavy volume—mass profit-taking from high levels drove a concentrated sell-off. Tech heavyweights continued to weaken, fully declaring that this round of short-term cyclical bullish tailwind has been completely used up, and all the market’s incremental long logic has been reset to zero!

Right now, the market is trading expectations—not realized facts. All the AI storage and tech-loosening premium that were priced in early are completely brought to an end at the moment the earnings land. Coupled with US Treasury yields continuing to churn at high levels and the dollar’s resilience remaining unchanged, the high-interest-rate environment shows no sign of easing. The pressure on non–interest-bearing crypto assets continues to intensify, and the macro picture has already formed a broadly bearish setup!

This round of “big pie” rebounds relied entirely on the repair of sentiment in US tech and the premium support from AI upside in the cycle. Now, with: good news exhausted + US stocks weakening + tightening liquidity—three bearish forces converging—there is no remaining upward support for the bulls!

The technical board makes it even clearer—the bears fully control the pace:
Repeated attempts to push higher from the highs lack follow-through; daily volume keeps steadily declining. Multiple tests of resistance are followed by pullbacks, forming a standard multi-top top divergence structure!
Rebounds at all levels are weak-bull trap “repairs,” with no sustained bullish momentum!

The price action is very clear:
High-level positioning continues to be distributed; the bearish trend is already fully established. What follows is a step-by-step drift lower plus an accelerated pullback. For intraday “big pie,” it is recommended to open a first short in the 60-605 range, add at 615 on strength, with targets at 58500 and 57500!
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