Those four hours: a row of bearish pillars stacked one on another—$JPM , the price is grinding slowly downward along the lower edge of the dual moving averages. The long positions on the contract are still piled up high—everyone who hasn’t run is holding on with sheer stubbornness; nobody is willing to let go first. Sell orders with active executions are pressing down on buy orders; even on the spot market, the sell-side order book is thicker than the buy side. The fee-rate side is unnervingly quiet—longs don’t even bother to pay the premium. Not a single large net inflow can be squeezed out. Every account in the whole arena is uniformly standing on the long side. With such a crowded long crowd meeting a downward trend, while others are still hardening it out, I’m not going to follow anymore.