The market plummeted this morning!!

$SentinelOne(S.US)hanghai Composite Index sh000001$ This morning, the three major stock indices all closed lower. The ChiNext Index kept falling, almost adjusting to near the 20-day moving average. If this level can hold, there might be signs of a rebound in the short term; if not, it will continue to adjust downward. Recently, the support level for the ChiNext Index is around 3,025 points. As long as it doesn’t break below this level overall, there’s still a chance for further rebounds.

The STAR 50 Index opened with a gap down today and continued to decline, facing significant short-term pressure. It’s still oscillating within a range, indicating a relatively sluggish short-term market. The decline in the two innovation indices also suggests that the tech sector is still adjusting, and there’s a clear rotation from high to low in the short-term market. As for the Shanghai Composite Index, it remains below the moving average, still in a downward adjustment phase, with the current support level around 3,800 points.

Today, the brokerage sector only saw minor fluctuations, with clear volume contraction during the adjustment—no meaningful rebound or strong pullback, just a continuous volume contraction. This suggests that brokerages are actually accumulating strength and waiting for the right moment. If brokerages rebound, the broader market is likely to follow with a significant rebound in the afternoon. Once brokerages rebound strongly, the entire financial sector will signal a warming trend, and the broader market will naturally follow. However, today the financial sector overall showed a fluctuating trend without further sharp declines, hinting at potential turning points ahead. So, whether the broader market can rebound depends on when the brokerage sector shows signs of movement.

From a market sentiment perspective, over 4,000 stocks fell today, painting a broad decline, with the market clearly weak. Although sectors like commercial retail, food and beverages, and beauty care performed relatively well, and banking and diversified financials provided some support, the broader market remains in a weak adjustment phase in the short term. Fortunately, overall support is still solid, and there’s a good chance for a rebound soon.

For short-term support, we need to look back at the low point from November 24. If the market stabilizes at this level and starts rebounding, we might see a strong rebound; if not, it will continue to test lower integer support levels.

From a 120-minute chart perspective, the broader market index broke below its support level today, falling below it in the short term. But today’s key is whether the previous low can hold. If the critical level holds, there’s still hope for a rebound; if not, further adjustments are likely.

In terms of today’s trend, the short-term resistance is around 3,850 points. If the market can rally toward the close, there might still be a chance for a reversal.