0109: Market sentiment is sluggish, with a strong bearish atmosphere. On the 6th, there was a medium bullish close, followed by a large bearish candlestick on the 7th that engulfed the previous day's candle, resulting in two consecutive days of declines. Today, several attempts to rebound before noon did not yield significant results.
The support area of 90200-92500 has consistently been mentioned as a strong support zone. At 92500, there was a pin bar formed at midnight, and it rebounded again around 10 o'clock, but the lows were raised.
Yesterday, Lao Song also mentioned that the closer we get to the 90200-92500 support, the stronger the support becomes. This area has been a zone of accumulation formed over the past two months. Of course, if a confirmation of a C-wave correction at the daily level occurs, this area may be breached, in which case the lower retracement target could be around 87000. It will depend on whether the non-farm payroll data supports a rebound or adds to the bearish pressure. Today, it is quite likely to see choppy trading, a corrective market.
Sell 95500-96000, target 92500, break point 91500
Buy 93500-93000, target 95500-96000
Sell 3410-3380, target 3310
Buy 3280-3310, target 3370-3400