Bad news: The daily close confirms that above 70,000 is basically a false breakout. Before the price re-establishes above this trend line, it is not very advisable to position long-term bullish positions;

Good news: Even with the false breakout, the daily chart shows six consecutive bearish candles, but the price has not made lower lows, meaning as long as 65,000 holds, the market still has a chance to recover the original bullish trend, just with lower probability;

So besides this long-term downtrend line, we need to pay attention to the secondary retracement level at 65,000;

Above 65,000 is considered high-level oscillation, while below 65,000 may lead to a bearish trend.

I am no longer concerned about the election results; let them make a fuss. What I am more focused on now is Thursday's FOMC meeting, whether the 25 basis point rate cut can be fulfilled as expected, and the reality of rising long-term bond yields. Is there a possibility that the Federal Reserve will choose not to intervene?

Or will they make a surprising decision to pause the rate cuts?

Leaving some imagination is also quite fun.