The large pancake broke the previous high last night and started to crash, dropping to a low of 103220 before reversing. It rose to 107114 by 8 AM, and there is still a pullback space of 5000 points.

Currently, the main focus is on the upper resistance level of 103769. If the 4-hour line stabilizes at this position, it will be time for a rebound, with upper resistance at 104900, 105836, and even the previous high of 107114.

If the 4-hour line cannot stabilize at this position, one must pay attention to the risk of a pullback, with lower support at 101705 and 100678.