After touching 97,700 in the early morning, the momentum weakened, and the market shifted to a continuous oscillation around the 9,700 level, indicating that selling pressure is gradually emerging above. Currently, 97,700 has formed a clear short-term resistance, with multiple attempts to break through failing. If the price cannot break above this level with increased volume, the oscillation structure will gradually tilt towards a bearish trend.

From the perspective of momentum structure, during narrow-range consolidation, trading volume continues to decline, reflecting weak buying interest. In the short term, if the price faces pressure again around 97,700 and shows signs of volume stagnation or weakening in small cycles, the price may test the support zone of 96,500-96,800 downward. If this support is broken, the next target will be the 95,500-96,000 range.
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The overall trend is at a critical decision point, with current technical structures leaning towards a high-level correction risk. Close attention should be paid to the validity of the 97,700 resistance and the strength of support below. If resistance is confirmed to be effective and the lower boundary of the oscillation range is broken downward, the short-term bearish logic will be reinforced.