The bears really missed their window here. Over the holidays, when order books dried up and volumes tanked, conditions were ideal for pushing prices lower. Yet despite all the bearish pressure, they couldn't break through—we're still holding strong in the high 80s range. That tells you something. If real selling pressure existed, this thin liquidity environment would've been the perfect opportunity. The fact that they failed to capitalize suggests the downside conviction just isn't there. Market structure is holding.