7.23 Big Cake Early Session Market Observation

After yesterday surged to a peak of 66,900, it faced pressure and pulled back. In the morning, it continued to consolidate in a range. Profits were steadily cashed out at higher levels; the move upward lacked incremental follow-through capital. In the short term, bullish momentum has weakened somewhat. For now, the market mainly digests positions by consolidating and absorbing liquidity, and it has not yet broken into a one-way trend.

The short-term suppressing range is 66,500–66,900, and 67,300 is a strong resistance in the medium term. On the downside, the core supports are 65,000 and 64,400. When prices pull back to support, there is buy-side absorption capital; before it effectively breaks below, the medium-term consolidation and repair structure has not been damaged. Short-cycle indicators are weakening, and there is still a possibility of testing supports to the downside.

Morning reference ranges:
1、Rebound 66,500–66,900, [keep] above to defend 67,300; targets 65,000 and 64,400;
2、Pull back 64,400–65,000, [keep] below as protection above 63,700; target around 66,300.
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