7.12 early morning trading thoughts

A modest rebound was immediately met with selling pressure and then fell back; the rally lacked follow-through. Overhead, trapped positions are densely packed, so the brief rebound is only a technical repair, while the bears firmly control the market.

On the 4-hour moving average, the bearish lines are aligned downward; bulls are unable to take over. Sentiment from the sidelines suppresses the price action. The rebound space has been fully exhausted, with no strong buy-side support to push higher.

First elder talks: 64500, 65200 are under pressure; look down to 62500, 61500.

Second elder talks: 1830, 1860 are under pressure; look down to 1750, 1710.
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