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08:30
Yesterday’s market saw low-volume sideways movement in the 63,948 to 64,483 range. Today early trading, at the 8:00 line switch, it again retraced to 63,730. The sell-off has now stopped and stabilized, beginning to rebound. Yesterday we indicated that 63,730 is a key level; as long as it is not effectively broken down, the market will continue to trade sideways in the 64,700 to 63,730 range, with a chance to further challenge the 64,700 box top. During today’s rebound, watch resistance levels at 63,948, 64,218, 64,485, and 64,684. If 64,700 is broken and a new high is made, it will go to liquidate the cluster of contract positions at 65,150 (these past two days have again gathered short-selling power).
Market structure: c4-1
Market trend: range-bound consolidation
Trading strategy: mainly sell on rallies, with fast entry and fast exits. If the retracement effectively breaks below 63,730, a structural reversal is confirmed.
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