$SSE Index(000001.SH)$SentinelOne(S.US)hanghai Composite Index sh000001$ Today, not only did the securities firms not adjust, but they rebounded upwards instead. What does this mean? Although securities firms are still under the pressure of the 10-day moving average in the short term, the overall trend has already released a signal of a turning point, and it is very likely that a second bottom will be formed in the near future. This short-term action by securities firms has a significant impact on the overall market.

Currently, the market still cannot break through the 3900-point mark and has been oscillating around this key level recently, which seems more like a sign of consolidation and shakeout. Today, trading volume continued to shrink, clearly indicating insufficient upward momentum, and the short-term trend remains a narrow-range oscillation.

Today, only about 1,000 stocks rose in the two markets, and the overall situation remains a broad decline. However, if the market gradually warms up, the number of rising stocks should increase. In the short term, the market is still expected to rebound upwards. However, judging from the sector rotation, the overall performance is relatively weak. Currently, Moore Threads concept stocks, robotics concept stocks, and general equipment sectors are performing relatively well, indicating another round of market divergence.

As the market slowly warms up, the market is likely to continue its narrow-range oscillation, but the speed of sector rotation will accelerate. Major indices may recover, and even a full rebound is not impossible. However, I suspect today's rebound might be a trap to lure buyers.

From the 60-minute K-line chart, the market faces significant pressure at the 10-day and 20-day moving averages, specifically around the 3889-point level. Only by breaking through this level in the short term can the market return to 3900 points; if the trend is weaker, it is more likely to continue probing the bottom.

Fortunately, the current bottom support is still strong, and the overall trend remains a narrow-range oscillation. There are no major issues with the market today, but individual stocks may continue to diverge.