7.24 early-morning thoughts

After rallying high, the trend weakened noticeably. The upward momentum from the bulls gradually dried up; the selling pressure from the bears began to be continuously released. The market, which had been oscillating at a high level, shifted into a short-term pressure-down operating pattern.

On the daily timeframe, a rebound at the high point stalled and fell back. Trading volume kept shrinking, and the bulls were unable to launch a strong counterattack. On the four-hour timeframe, a phase double-top structure formed. A large bearish candle broke below the Bollinger middle-band support. During the decline, trading volume expanded; the Bollinger Bands also turned downward at the same time. The short-term market is now dominated by a bearish trend.

Big brother: resistance around 65,500 and 66,000, then look down to 64,000 and 63,300.

Second brother: resistance around 1,910 and 1,930, then look down to 1,850 and 1,820.
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