At the morning close, the three major indices of the Shanghai and Shenzhen markets all rose collectively. Specifically, the Shanghai Composite Index increased by 0.3%, the Shenzhen Component Index rose by 0.57%, and the ChiNext Index gained 0.1%. As of the morning close, the combined trading volume across the three markets reached 2.08 trillion yuan, a significant increase of over 300 billion yuan compared to the previous trading day, and it is expected that the total trading volume for the day may surge to around 3.3 trillion yuan. In terms of individual stocks, 2343 stocks rose while 2934 stocks declined.

However, from the market performance perspective, the three major indices show a clear pattern of rising sharply and then pulling back. The underlying logic behind this warrants in-depth analysis.

**Core Signal One: The Appearance of a "Heavenly Volume"**

A sudden surge in trading volume is an important indicator of a market top. Historical data shows that in the past 25 years, there have been only 4 trading days where the trading volume exceeded 3 trillion yuan. The highest historical trading volume occurred on October 8, 2024, reaching 3.47 trillion yuan. Today's 3.3 trillion yuan is close to the historical peak level—so-called "Heavenly Volume and Heavenly Price." The appearance of short-term "Heavenly Volume" often accompanies price limits.

**Signal Two: Continuous Gains Set a Record**

The market indices have risen for 16 consecutive days as of this morning's trading. This number also hits the historical ceiling—the highest record of consecutive positive days in A-shares history is exactly 16 (which occurred in 2006). Continuous upward movement to this extent has reached a limit, and the probability of a correction has sharply increased.

**Signal Three: Target Levels Near**

Using various technical methods, the short-term target level is set around 4132 points. The highest point reached today was 4121 points, just 11 points away from the target. This indicates that the momentum for rapid market rise has been exhausted.

**Signal Four: Time Window Resonance**

The CSI 2000 Index, representing small-cap stocks, touched an important turning point in the market today—the convergence of the 16-period and 34-period time frames. Such resonance across multiple time frames often signals a change in direction.

**Market Outlook**

All indicators point to the same conclusion: the market is approaching a short-term top. After continuous gains, a correction is quite natural. From a technical perspective, if a pullback occurs, key support may be around 4050 points. Investors should closely monitor whether this support can effectively absorb selling pressure.

The current rise and subsequent pullback are, in fact, the market digesting over-accumulated profit-taking, laying the groundwork for the next round of rally. Patience may be needed in the short term until a full correction provides new opportunities.