In the calm early hours of Monday, do we still need to wait for the US stock market to open to determine the direction?

The drop that was expected in the early hours of Monday did not occur... However, if 11.2 is the bottom, then the rebound to 11.5 is still quite weak... We still need to observe the situation in the US stock market today. Currently, the stock index futures are slowly rebounding and rising...

In addition, we also need to see tomorrow's feedback from today's ETF... If today's flow turns net inflow, then it's a good sign; if today ends with a net outflow of 200-300 million, we'll need to watch closely...

From a technical perspective, the current rebound is being resisted by the dense trading area at 11.5w... The strength of support at 11.5 previously indicates how many long positions were trapped there, and now the pressure will be just as significant...

If it doesn't rise in the short term, it will continue to trade between 11.2 and 11.5 for a while, filling the turnover at 11.2 to 11.4 completely, which would be beneficial for future upward moves...

From the order book perspective, after clearing a wave on Saturday, the current orders are a bit clean... The buy orders below in the spot market are still around 11.1 and 11w... Considering that 11.2 has already filled the gap, without more news, these two points are still not easy to reach... 11.2 is likely the bottom for this week.

In the contract market, there aren't many buy orders, while sell orders are hanging around 11.62... This is still a bit far; let's stabilize above 11.5 first...

Overall, it looks uncertain for high shorts today... Although 11.5 is a dense area of pressure (as well as the pressure from a previous test), without more orders, a single dense trading area isn't very certain...

If it can go up, we can look at a high short in the range of 11.58 to 11.65... (previous high + breaker block + 30-day VWAP + contract hanging orders) This can yield a wave of 500-1000 points... break at 11.68 and exit...

For low longs, look at the range of 11.35 to 11.37w, which is the dense trading area from Saturday and Sunday + previous lows of the rebound + breaker block.