After experiencing fluctuations in the early stages, the market has fallen into a prolonged tug-of-war between bulls and bears. The large contract reached a peak of 106800 in the morning, then moved into a downward trend, currently breaking below 105000 and continuing to probe lower. Earlier positions in multiple contracts have resulted in both profits and losses. The smaller contract, after reaching a high of 2588, has shown a consistent downward trend on a smaller scale, with the overall trend still pointing downwards.
From the overall market perspective, both bulls and bears have held advantages for a certain period, with the large contract oscillating widely around the 105000 level. After a strong bullish candle on the daily chart, it was followed by a bearish candle with a long lower shadow. The momentum of the market has been affected, and the attempt to reach higher levels during the day was unsuccessful, leading to a corrective pullback.
On the four-hour chart, the market briefly reached a high of 100000, with frequent fluctuations in points. The market has not shown strong continuation, and the rebounds during the pullback appear somewhat weak. After breaking below 105000, the downward trend has strengthened. Currently, the focus is on the 103000 level in the short term, and if it breaks below, further testing around the recent low of 102000 is needed.
On the hourly chart, after a brief breakout above 104500, there was some point-level rebound. If it can stabilize above this level, the market may still find some room to move. Attention should be paid to stabilizing the rebound above 105000, and a conversion of the short-term bullish and bearish conditions is necessary!
In the evening, the large contract is referenced around 104800, looking at 103000; the smaller contract is referenced around 2490, looking at 2400. The lower levels have not shown sustained movement, and there is a plan to enter multiple contracts.
