At present, this is a consolidation market, and the reason why everyone has been struggling recently is because sharp wicks and V-shaped reversals are everywhere.

From a structural perspective:
The overall trend is still downward. Looking at the move from the 124 high to now, the market has gone through a cycle of decline—sideways—decline—sideways.
Currently, the market is in a sideways phase. You can see that this sideways movement is still forming a bearish flag pattern, which is somewhat similar to the previous sideways structure.
With the interest rate meeting approaching, be aware that if the trendline is broken and rejected, there will be another test to the downside.

However, from my personal point of view,
since the current stage is a consolidation with an upward trend, I am still bullish in the short term unless a breakdown occurs.