December 25th may become a textbook case in the market.

Today's market continued the pattern of opening low and rising high, with the index climbing to six consecutive positive days. The market revealed two key signals worth paying close attention to:

**First is the change in trend structure.** In the morning, the market oscillated repeatedly within the red and green zones, only in the afternoon did it suddenly gain momentum, fully reversing the morning’s upper shadow, ultimately locking in a pattern of continuous gains. This is completely different from the previous pattern of frequent surges followed by reversals—shifting from passive oscillation to active promotion, the logic is changing.

**Second is the activity level of individual stocks.** The small-cap represented by the yellow line on the intraday chart remains firmly above the white line, indicating that themes are leading while large-cap stocks are supporting, creating a healthy interaction that truly reflects a strong market trend. The index has begun to rise steadily above the platform, and retail investors’ worries about declines have noticeably eased.

However, there is a detail in the data that must be closely watched—**trading volume**.

Compared to the same period yesterday, today’s trading volume has shrunk by over 30 billion. In other words, what we are seeing is a typical volume-contraction rally. This is problematic: in a strong upward trend, there are only two explanations for volume contraction—either it’s a trap to lure more buyers or the bears are still lurking without taking action. Judging from the current market strength, the probability of a trap is low. So what does that mean? The bears are waiting for an opportunity, and we need to be alert to their potential rebound.

The sector perspective is also very interesting. Yesterday, the sectors were switching back and forth, but today they broke out in a broad rally with strong momentum. The market’s resilience has clearly increased. Most notably, the three strongest directions—big technology, big consumption, and new energy—are quietly merging. You can see the overlay of business + military industries, the fusion of consumption + technology, and the combination of new energy + technology... Currently, the capital’s strategy is to seek opportunities where multiple themes resonate at different levels, which is the latest signal from the market.

Breaking down this rally, it feels like a reversal against the wind. Yesterday, when the market was slightly sluggish, some immediately called for a correction, thinking of quickly avoiding risks. This mindset is understandable—after all, it’s hard-won to recover lost ground, and individual stocks are rarely showing signs of strength, so everyone fears making a wrong move and getting caught again. But at this critical point of transition between attack and defense, what’s needed is a broader perspective—getting back to break-even is just that, and every upward step is a genuine opportunity that belongs to oneself.