Yesterday, the market experienced a sharp decline, breaking below the 90,000 mark, marking a significant victory for the bears. Today, the market closed with a lower shadow, and we believe the bulls have begun to counterattack here, but overall, the trend remains downward.

From the MACD perspective, the energy bars have started to retract, but both the fast line and the slow line are still trending downwards, and we have not yet seen a reversal pattern, so we cannot be bullish on the MACD.

Looking at the CCI, there has been a slight rebound in the past few days, but it is still quite far from -100, so it is still too early to be bullish.

In terms of OBV, there was some inflow yesterday, leading us to believe that the bulls have started to counterattack. However, compared to the previous inflow volume, this alone cannot change the trend, so we continue to hold a bearish view on the OBV.

From the KDJ perspective, the KDJ has fallen below 20 and is currently in a sideways state. The KDJ is waiting to choose a direction here, but if the bulls do not exert effort to pull the KDJ up, the market will not be favorable for the bulls.

Looking at the MFI and RSI, both indicators are in a weak zone and appear to be on the verge of falling into the oversold area. The market looks very weak here, so we also continue to hold a bearish view.

From the moving averages perspective, several moving averages are pressing downwards, and there are no signs of a reversal, so we maintain a bearish outlook based on the moving averages.

Looking at the Bollinger Bands, it is currently in a downward channel, and until this pattern changes, we will maintain a bearish outlook.

In summary: The market has shown clear lower shadows in the past two days, and we believe the bulls have started to counterattack, so the bears need to manage their stop losses carefully. However, the indicators still lean towards bearishness, so we continue to maintain a bearish outlook. Today's resistance is seen at 92,500-94,000, and support is at 90,500-88,500.

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