Core Viewpoint - The market is experiencing a significant reduction in trading volume, indicating a lack of conviction among investors, with a divergence between those holding cash and those holding stocks [1] Group 1: Market Dynamics - The current trading volume is estimated to be smaller than yesterday, with a trend of decreasing volume firmly established [1] - The market's temperature is ultimately determined by buying activity, and as the number of buyers decreases, the balance will inevitably tilt [1] - The average stock price index resembles a head-and-shoulders pattern, with the right shoulder lower than the left, suggesting potential market weakness [1] Group 2: Leading Stocks and Market Sentiment - Core leading stocks are essential indicators for assessing whether the market has reached its peak, as seen in historical trends from figures like Livermore and O'Neil [1] - The abandonment of leading stocks often precedes significant market downturns, with new leaders emerging from the aftermath of market turmoil [1] Group 3: Sector Performance - The recent strength in utility stocks signals a sign of market fatigue, as these stocks typically perform well when the overall market is struggling [1] - The resilience of the Shanghai Composite Index is attributed to the support from banks, insurance, and utility stocks, which tend to rally during market downturns [1] Group 4: Micro-cap Stocks - The stability of the micro-cap stock index is due to the active participation of traditional retail investors and quantitative private equity, especially when institutional investors withdraw [1] - There is a need for preparedness, as prolonged market friction could lead to significant declines in individual stocks, even if the Shanghai Composite Index does not experience substantial pullbacks [1]

Group 1: Gold Market Analysis - The current gold price is experiencing fluctuations, with a recent high of $3317 before dropping to around $3289, reflecting a decline of approximately 1.36% [2] - Upcoming economic data releases are critical, including U.S. employment figures and other key indicators, which are expected to influence market sentiment [2] - Technical analysis indicates that gold is under pressure, with a focus on resistance levels around $3318 and support levels between $3265 and $3250 [5][6] Group 2: Oil Market Analysis - International oil prices are slightly rising, but concerns over global trade and potential OPEC+ supply increases are creating uncertainty in the market [6] - The medium-term trend for oil prices is downward, with expectations of further declines towards the $50 mark [6] - Short-term trading strategies suggest a focus on buying on dips and selling on rebounds, with key resistance at $64.5-$65.0 and support at $62.0-$61.5 [6]