$ONE Large households were the first to deleverage and run away. I’m bearish on this setup. Although the proportion of long accounts is still more than half, in the past few hours both the account and position ratios have been cut down at the same time. Smart money is quietly reducing longs, dumping the high-level lots onto retail longs who are still buying. Over the last 4 hours, the direction has kept moving downward; over the past day alone, more than 30% has been smashed from the highs. The trend hasn’t really been stopped or “healed,” and investors are撤 back with the main force.