It's like this: after the market analysis was released yesterday, several people reached out to me, feeling that my analysis yesterday conflicted with the previous one. There might be some unclear expressions here, so I won’t explain everything one by one; I’ll just publish a unified analysis.

First of all, the recent market conditions should be relatively favorable for both bulls and bears. During the process of back-and-forth fluctuations, one can continuously lower or raise their break-even point by trading repeatedly. However, fluctuations do come to an end; currently, it seems very likely that the fluctuations will end by midnight today. This is because bears need opportunities and timing to crash the market. The monetary policy meeting has a high probability of being a turning point.

Secondly, regarding last night's decline, in terms of both time and space, everyone should not be surprised. This is because, referring to the bond issuances on June 6 and June 13, the market had already reacted in advance on the 5th and 12th (the issuance on the 18th was also emphasized in the last analysis). As for the space of last night's decline, everyone should be able to see the lower edge of the triangle convergence, around 104,000.

So the question arises: when the 104,000 level finds support, where can the subsequent rebound reach?

Some people feel there is a contradiction because I mentioned that it might form a double V reversal structure, surging to 110,000 before crashing. However, I also wrote in my summary that in actual operations, one should operate with a bearish perspective. Personally, I did not choose to take this short-term long position; for those who did, I recommend closing it within the day or setting last night's low as a stop-loss.

In simple terms, it’s a reminder that in a bearish layout, one should be aware of the possibility of first surging to 110,000 and then crashing, as a double V reversal is possible. Therefore, it's essential to manage positions well and enter short in batches. Even though the rebound's strength seems quite limited at the moment, this probability still exists.

I personally am still holding this medium-term short position, and from the weekly indicators and the exhaustion of momentum in the U.S. stock market, both technical and fundamental aspects support this conclusion.