Big Pancake
After the bill vote hit a setback, the performance actually isn’t bad or disappointing.
Long before the vote results were out, the market had already sensed that the outcome wouldn’t be favorable, so prices dipped first. After the official news landed, there wasn’t further deep sell-off—instead, there was a rebound. That’s a pretty standard “the shoe drops”行情.
Once the price probed below 75,000, there was clear buy-side support. And the closing price came in at 75,600, which at least suggests that market confidence hasn’t completely collapsed.
The focus now should shift to the Federal Reserve. A rate hike in September is basically set in stone. The key point to watch afterward is Chair Powell’s tone in his remarks. If the guidance is dovish, the strength of any rebound will be greater. If hawkish signals are released, the market will likely remain under pressure and continue to trend downward.
Even though there is some support around 75,000, we can’t rule out the possibility of fresh lows afterward. For the short term, first watch support around the 74,000 area.
As long as the Federal Reserve doesn’t hike rates in a continuous sequence, this pullback is a “golden pit.” After that, the market may either rebound with at most a second dip (a V-shape), or simply launch an upward attack.
After the bill vote hit a setback, the performance actually isn’t bad or disappointing.
Long before the vote results were out, the market had already sensed that the outcome wouldn’t be favorable, so prices dipped first. After the official news landed, there wasn’t further deep sell-off—instead, there was a rebound. That’s a pretty standard “the shoe drops”行情.
Once the price probed below 75,000, there was clear buy-side support. And the closing price came in at 75,600, which at least suggests that market confidence hasn’t completely collapsed.
The focus now should shift to the Federal Reserve. A rate hike in September is basically set in stone. The key point to watch afterward is Chair Powell’s tone in his remarks. If the guidance is dovish, the strength of any rebound will be greater. If hawkish signals are released, the market will likely remain under pressure and continue to trend downward.
Even though there is some support around 75,000, we can’t rule out the possibility of fresh lows afterward. For the short term, first watch support around the 74,000 area.
As long as the Federal Reserve doesn’t hike rates in a continuous sequence, this pullback is a “golden pit.” After that, the market may either rebound with at most a second dip (a V-shape), or simply launch an upward attack.
