1. The short-term K-line has completed a three-wave rebound with a complete structure (meaning it can now decline); 2. The price has hit a new high, but the indicators have not followed (small-timeframe divergence); 3. Time is on the side of the bears; if the market cannot close above this level by tomorrow morning, the outlook will be very unfavorable; 4. Resistance is at the 715-720 level, support around 690; this range is the short-term battleground between bulls and bears, or the distribution zone for profit-taking.