让子弹飞，还是已超涨？

• The report discusses the monitoring of market adjustments using two perspectives: whether the market is in a five-wave upward trend and whether the stock-bond yield gap has reached 2 standard deviations. Currently, most broad-based indices have not triggered warning conditions[1][7] - The report introduces a timing system that evaluates market trends and potential overbought conditions using trend indicators, low-frequency thermometers, and ultra-low-frequency thermometers. These indicators suggest that the market has not yet crossed the risk threshold, but sustained upward momentum next week may trigger short-term overbought signals[7] - The report highlights the TMT sector's rising crowding level, with transaction volume accounting for approximately 34%, still below the two-year high. This indicates that the sentiment in the TMT sector has not yet reached a bubble-like state. Meanwhile, cyclical and consumer sectors are at near two-year lows in transaction volume, suggesting potential sector rotation once the market enters an overbought state[8]