Yesterday we mentioned that a new trend is forming. Currently, it has dropped more than 1 point, which is significant for the weekend, so the view is that a new maintaining trend is taking shape. Since it is the weekend, the market is unlikely to be very volatile, so we expect a gradual decline.

From the MACD perspective, the energy bars show signs of retracting, but the fast line and slow line are still declining. It will take time to see a stop in the decline, so no judgment is made here.

From the CCI perspective, the CCI is in a state of fluctuation, showing no clear trend, but it is far from the zero axis, so we maintain a bearish mindset.

From the OBV perspective, the volume has not reached a new low, so a significant drop is not currently visible, but the slow line is still pressing down, indicating a bearish trend from a larger cycle perspective.

From the KDJ perspective, the KDJ is currently just above 20, having reached the target we mentioned earlier of approaching 20. The next step is to see whether the KDJ can stop the decline here or continue to probe lower towards 20.

From the MFI and RSI perspectives, both indicators are in a weak zone, and a downward movement indicates a continued decline. We will keep an eye on the movements of these two indicators.

From the moving average perspective, the moving averages continue to press down, and the pressure from the 120 moving average is also clearly visible, indicating a downward trend.

From the Bollinger Bands perspective, the bands are still in an opening state. With the sideways movement over the past few days, the negative divergence has been corrected. If the market does indeed decline further, it will continue to drop next week. If it does not continue to decline next week, there may be a possibility of forming a bottom.

In summary: The market has been fluctuating for several days without fundamentally changing the indicators, and the negative divergence has been corrected, so we believe a new trend is forming. Today's resistance is seen at 103500-105000, and support is at 101500-99000.

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