The orders at the first level look as thin as a mosquito’s leg after autumn, while the sell side is neatly packed and waiting for incoming sell pressure like raindrops. Over on the futures side, it’s even more blunt: market sell orders grind against the buy book on the ground, and market buy volumes shrink by more than half within just a few hours. The bullish momentum that the four-hour chart is stubbornly propping up is nothing more than a cover, giving the main players a window to distribute. As for the bull narrative behind this tape—I really can’t listen to it anymore. When money casts its vote with its feet, no matter how proper the candlestick chart looks, it’s only for appearances; the trend doesn’t care whose face hurts.