4700 Support Level Emerges, Short-term Rebound Expected

Key Points:
The 4700 level has become a critical short-term support/resistance zone. If the emotional selling pressure eases, the market may experience an oversold rebound. The medium- to long-term fundamentals still support the market, but short-term movements require monitoring of sentiment and support effectiveness.

1. Trend Judgment: Emotional Selling vs. Fundamental Support
Currently, short-term selling sentiment in the market is in confrontation with the medium- to long-term global risk fundamentals. Although sentiment is unpredictable, the global macro risk environment has not fundamentally changed, and the upward logic remains intact. After a decline of about 1000 points from the high, the long-term upward trend has not been broken, and the rebound potential is worth noting.

2. Key Technical Levels to Watch

Daily Level:
The midline around 4700 has formed a key support, which may facilitate a short-term stabilization and recovery. The stochastic indicator is leaning bearish, MACD shows weakening momentum, and no resonance downtrend signals are present, indicating a higher probability of a short-term rebound.
4-Hour Level:
Consecutive bearish closes suggest a bearish pattern, but supported by daily support, a short-term rebound is possible. Resistance above is around 5000.
Smaller Timeframes (30-minute/1-hour):
All are in a downward trend, with short-term resistance levels at 4950 and 5110.

3. Trading Recommendations

If the price stabilizes above the 4700 support zone, consider short-term rebound opportunities targeting resistance levels at 4950, 5180, and 5300. If the price breaks below the 4680-4700 range, downside testing of 4560 and 4460 is possible.

4. Summary
The market’s short-term trend remains sentiment-driven. It is recommended to closely monitor the 4700 support and sentiment changes. In the medium to long term, the global risk-avoidance logic remains unchanged, and fundamentals still provide potential support. Market recovery will take time; patience is needed to wait for stabilization signals.