Old Bao's speech leans dovish, the probability of an interest rate cut in September has risen to 89% again. Old Bao claims that economic risks provide stronger justification for an interest rate cut.

The bottom of the daily range has held as support, but it needs to break above 118600 to alleviate risks and continue to reach new highs. For now, the market seems to need to grind higher for a rebound.

Looking at the upper level of 125000, 5200.