Yesterday's market moved strongly from the 89,200 level, directly hitting near 91,600, and then failed to go higher, starting to fluctuate at the high levels. Currently, the price is hovering around 90,300, occasionally testing downward, and always staying below the moving averages—this signal is not very optimistic.

After this surge, both bulls and bears are a bit lacking confidence, and the market has fallen into a stalemate. From the overall trend perspective, it's still unclear what the next move will be; the market is waiting for a signal.

The structure of the moving averages clearly explains the situation. The short-term moving average has already fallen below the long-term moving average, forming an obvious resistance effect, with downward pressure gradually accumulating. However, the data on capital flow is not yet clear—key indicators like volume and open interest haven't provided particularly definitive signals, so it's hard to judge the current balance of bullish and bearish forces and confidence levels. In this situation, caution is needed for sudden trend reversals.

**Trading Strategy**

If the price effectively breaks below the 9000 support, consider short positions, with a stop-loss above 91,000. Conversely, if there is a strong rebound and it breaks through the 90,871 resistance, a small long position could also have a chance, with a stop-loss below 90,200. Remember one thing—stop-loss is always the key to trading; it must be strictly enforced with no exceptions.