Yesterday's midday surge to 2994 may seem impressive, but the issue is that it never managed to firmly hold above the critical level of 3100. This is no small matter — the latest short liquidation data clearly indicates significant selling pressure above 3100.

Here's where it gets interesting. Those massive options positions that previously acted as constraints have now been unlocked, giving the market complete freedom to choose its direction. This means the upcoming trend will be more decisive.

From a technical perspective, 3100 is indeed a tough nut to crack. The distribution of short liquidation prices suggests that institutions or large traders have already set up defenses here. To break through, genuine buying support is needed, not just a short-term technical rebound.

The US market open will be a key moment. Once the options pressure is released, the market will more honestly reflect the true supply and demand. The range of 3150 to 3200 could become the ultimate target for bulls, but only if they can hold above 3100. Conversely, if a pullback occurs, around 2900 will become the new support level.