Evening Thoughts on July 19

The market was stable during the midday session, with prices fluctuating narrowly around 118200, and the balance of long and short positions temporarily stabilizing. The hourly Bollinger Bands show a 'converging parallel' formation, with the upper, middle, and lower bands narrowing and trending parallel, which usually indicates a contraction in short-term volatility, and the market is likely entering a period of steady consolidation, still bearish, with plans to go long at lower levels.

Suggestion: Short near 118500, targeting around 117000.

Short near 3550, targeting around 3500, 3480.