Yesterday we mentioned that the market would continue to decline, and it indeed fell for two consecutive days. We also said that there might be a phenomenon of up and down wicks in the next two days, and it has already shown two down wicks. The market trend is basically within our predicted range, and our short positions are continuously profitable.

From the MACD perspective, the energy bars continue to move down, and both the fast and slow lines are simultaneously pressing down, which is favorable for the bears. So even though there is a rebound now, it is still not the time to be bullish.

From the CCI perspective, there was a rebound today, and the CCI has also risen a bit, but this is not enough, as the CCI is still far from the zero line. It is expected that it will not return to the zero line in the short term, so we continue to maintain a bearish mindset.

From the OBV perspective, with the current rebound, the OBV has seen a slight recovery, but the outflow of volume in the past two days was significant, and today’s rebound does not have a decisive effect. Meanwhile, the slow line continues to press down, indicating a bearish trend.

From the KDJ perspective, the KDJ continues to move down, with the first target being around 20. Once it approaches 20, we will analyze whether to stop the decline or continue to fall based on the strength of the market.

From the MFI and RSI perspectives, both indicators are generally moving down. The RSI has already reached the oversold area, but the MFI is still in the neutral to lower region. If we continue to be bearish, it would be best for the MFI to reach the oversold area before reassessing.

From the moving averages perspective, several moving averages are pressing down. We have previously emphasized the downward pressure on the 120, which is now evident. Although it is not very obvious, there is still downward pressure, so the moving averages also indicate a bearish trend.

From the Bollinger Bands perspective, after the bands opened, there was negative divergence, so the market's rebound here is logical. It is expected that there will be some up and down fluctuations here before starting to decline again.

In summary: Although the market rebounded today, multiple indicators show a bearish trend, so we continue to maintain a bearish mindset. Currently, the rebound presents an opportunity to enter the market. Today's resistance is seen at 104500-106000, and support is at 101500-99000.

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