Recently, the market has been quite interesting. On the A-shares side, the overall trend of stock index futures (IH, IF) remains neutral, leaning towards downward pressure. From a technical perspective, there are actually many opportunities for bears to enter. Although the constituent stocks of the CSI 300 index are performing relatively well and can provide short-term support for the index, this wave of strength is actually lacking momentum—simply put, it's a technical rebound that looks good but may lack follow-through. If there is no significant volume increase on the spot side to push higher, it will be difficult for the index to escape its downward fate.

On the US stock side, the two main contracts (S&P 500 futures and Nasdaq futures) are moving increasingly in sync. The signal of the S&P 500 hitting a new high is quite positive, at least it has repaired the technical pattern that previously suggested a false breakout in Nasdaq. Judging from the capital flow, the probability of continued sideways to upward movement in the short term is not low, and this strong momentum could last for several trading days.

Gold is currently stuck in a deadlock. The bulls and bears are temporarily evenly matched, with no one able to truly overpower the other. The direction is quite clear: if the price doesn't break above resistance during the consolidation, gold is likely to seek support lower. Conversely, if the sideways movement persists for a month or two without a deep correction, it will be time to switch strategies and start considering positioning for a trend-based bullish move.

Cryptocurrency is the most sensitive window for observing market risk appetite. Bitcoin and Ethereum are showing signs of fatigue on the weekly chart, reflecting several issues—risk appetite is declining, liquidity is tightening, and it also indirectly confirms that the rally in US stocks is not driven by fundamentals but is just a passive index correction.

Currently, the entire market is at a critical juncture for choosing direction. The bulls and bears are engaged in a tug-of-war, showing a sense of "wanting to turn but still hesitant." The operational advice is to stay alert, keep plenty of room for both long and short positions, strictly control risks, and wait for the market to give clear signals before adding positions.