Recently, after rebounding to 2180, a long upper shadow was formed and then followed by a continuous pullback, forming the early shape of a double top. This is a typical signal that a rebound is topping out, indicating very strong overhead sell pressure.

The rebound has no volume, while the selloff has volume. There is a clear divergence between volume and price. Bullish momentum is insufficient, and the bearish sell pressure continues to be released—this is a typical feature of a weak rebound.

High shorts: Consider placing short positions in batches during the rebound to the 2170-2200 range. Set a stop loss above 2230. Target 2020. If it breaks below 2000, you can hold and look for 1900. If it breaks above 2200, then for shorts above, pay attention to 2300.

Low longs: Only when the pullback is in the 2000-2020 range and clear stop-loss/turning-down signals appear (such as a bullish candle with increased volume, or a bottom divergence), try long with a light position size. Set a stop loss below 1980. Target 2100-2150. Go in and out quickly.

This Friday, the US 3 March CPI data is the core variable. If inflation comes in hotter than expected, it will strengthen expectations of rate hikes, directly suppress risk assets, and trigger another round of decline.

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