The liquidity of short positions in large contracts is concentrated around 96,500, having reached the liquidation peak, which is quite similar to the previous complete breakthrough of 85,000.

However, there is a liquidity gap between 97k and 98k that has not yet been fully filled, making the likelihood of liquidating shorts at 96,500 relatively high in the short term. But whether it can eventually enter the liquidation zone above 98k remains highly uncertain.

Theoretically, there are two possible trends:

1. After the macro data is released, prices may experience rapid fluctuations in the short term, liquidating short liquidity above 96,500, followed by a pullback, returning to the current range of fluctuations. Afterward, one can assess whether prices will rebound based on the distribution of new liquidity before Friday.

2. If the market perceives the macro data as bearish, prices may not liquidate the short liquidity at 96,500 and may directly pull back. If the subsequent long liquidity increase is not aggressive and the overall leverage is not high, after a round of pullback, there is still a possibility for prices to rise again and liquidate the short liquidity at 96,500.

The small non-farm payroll and GDP data will be released on Wednesday, and the big non-farm payroll and unemployment rate data will be released on Friday, which will inevitably bring significant volatility to the market, and there may even be a scenario of rising first and then falling. It is advisable to pay close attention and respond cautiously.