7.23 Midday Thoughts

After today’s open pushed up to the 663 peak, the market entered a sustained pullback. In the morning, there was a small rebound that repaired the trend somewhat, but it never had the strength to break the previous high. The rebound momentum was weak; afterward, the downtrend continued. The current low has dipped to 655, and the current price around 656 is in a low-range consolidation and stabilization state.

On the hourly Bollinger Bands, the midline and lower band are opening downward in sync, and the short-term bearish trend has already taken shape. After a prior round of consecutive rallies, the upside momentum from the bulls keeps fading. Rebound peak positions continue to move lower, and the market’s weakness has become increasingly apparent.

Big bro: resistance at 66200 and 66800 is met; pressure then looks down to 65000 and 64000.

Second bro: resistance at 1950 and 1980 is met; pressure then looks down to 1880 and 1820.
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