$TRUMP This bounce is a last flicker of life before sellers wall up and cap it off; the order book has pinned the bulls’ remaining exit routes shut. In the spot market, limit orders are crystal clear: the sell-wall is literally thicker by about a whole layer compared with the buy-wall. The price has been smashed down from the intraday high by nearly 10%, and that little bit of buy-wall thickness simply can’t absorb the selling pressure and repel the drop. At the futures end, the basis has already turned negative; futures are even weaker than spot—so even carrying out a premium bounce isn’t possible. To keep the market alive is just wishful thinking.