Today’s market movement was particularly tough. In the morning, there were signs of the three major indices remaining in the red, but in the afternoon, a surge followed by a quick retreat caused the market to lose its confidence—small and medium-sized stocks instantly turned green, and by 14:20, the Shanghai Composite Index also started to accelerate downward. Although the decline didn’t seem large, the damage was significant, especially for retail investors who chased the rally; they are probably feeling helpless right now.

Fortunately, around 14:40, the Shanghai Index pulled back from its lows, barely closing up 1 point, and combined with Monday’s performance, this marked nine consecutive days of gains. It sounds impressive, but honestly, it’s less straightforward than ending with a few points of a downward candle. That persistent upward pressure, like a sword hanging overhead, is nerve-wracking.

From the data, about 36% of stocks closed in the green, just over one-third. The trading volume shrank to 23.4 billion, with net capital outflows reaching 89.2 billion. What does this tell us? Most retail investors in the market are losing today.

The sector performance isn’t optimistic either. Hot sectors like semiconductors and chips have fallen back into the red, and those who chased in the morning got caught. Once there’s a rebound, these retail investors rush to buy the dip and exit quickly, turning into a selling pressure on the market. Oil prices surged over 2% driven by geopolitical factors, and the banking sector also rose a respectable 0.55%, but this small rebound is far from filling the gap in the overall market.

Looking forward to Tuesday, we hope for some changes—let oil and banks take a breather, while other sectors take turns leading the charge.