On the first day of the new year, global stock markets are closed. In a low liquidity state, the futures market may still see some action. Currently, prices are slightly pulling back, but the spot premium has correspondingly increased slightly, indicating that short positions in futures are opening up again;

My feeling is that since the demand for spot is not coming up, the futures shorts will become more and more unrestrained. If there can be a quick pullback during the week to release this part of the futures supply, the market should do much better next week;

In short, the decline in prices and the increase in premiums all indicate that the final stage of this pullback is about to arrive, allowing the shorts to become completely confident and the longs to completely stop losses and close positions.

The key lies in the current core support at 91,000. If it does not break 91k, the pullback may end; if it breaks 91,000, the pullback will only be extended for a while before it ends;