Yesterday, there was an initial surge, followed by a pullback, during which three consecutive hits took down 1000 points on the stocks, over 3300 points on the index, and another 1000 points on stocks. Of course, before that, there were also some losses. After the pullback, we continued to observe the market into the early morning, and once again, the trend weakened, just reaching the corner of the lower Bollinger Band on the four-hour chart, only about 200 points away from a direct hit, but it did reach 3320 points. So it's not that it won't go down just because it has come down; we need to look at the trend structure. It’s also not wise to blindly chase stocks just because new highs have been reached; we need to assess the resistance. The previous 119 is a good example, and now it resembles that situation. Those still shouting for stocks near the upper Bollinger Band on the weekly chart are simply leading people astray.
Currently, the overall pattern is no longer a bullish trend; the trend structure will not have significant pullbacks. The daily chart closed directly below the upper Bollinger Band, while there is still a little space above to touch the band, and the moving averages are not diverging, which means, like the four-hour chart, there is still the possibility of further pullbacks. If there is a further pullback, the upper band will actively converge. If the support below 115200 can be broken, then the trend will reverse to bearish. The evening CPI is crucial; it has already gained volume and needs to build momentum for the evening. The afternoon will also be analyzed before this. Overall, we can continue to watch for pullbacks.
In the afternoon, expect the index around 117500 to 118200. Watch near 112000.
