"In other words, it's still hard for the index to carve out new upside space, right?" Zhou Kan said.

Xu Shen nodded and said: "The surface market will definitely become more and more differentiated, that is, the active capital groups in the field will definitely become more and more concentrated in the main line of 'big finance', 'big infrastructure', and 'military industry' with strong money-making effects, as well as related concept leading stocks."

And after these popular weighted stocks and concept leading stocks siphon funds.

Other mainline constituent stocks, as well as non-mainline marginal stock groups, are likely to lose further blood and show a more violent volatile trend.

In short, in the development of market trends, itself has begun to change from strong to weak under the core logic.

Such as the main line of 'big infrastructure', 'the road to the new era, the Maritime Silk Road', and all kinds of good things about the direction of 'big finance'.

It can only temporarily boost the market's market trend.

It will not change the trend development and core logic expected development of the market itself.

At present, the most fundamental hidden danger in the market is the gradual weakening of new incremental funds and the inability to further expand on a large scale.

This cannot be substantively resolved.

Then, in the case that the market has accumulated too many short- and medium-term profits, as well as unhedging.

It is impossible for the market to quickly complete an upward breakthrough, and it is bound to usher in a wave of drastic adjustment under the continuous selling of profit-taking orders and unhedging orders.

Only in this way can we re-release the huge active capital flow and re-consolidate the overall chip structure of the market.

Re-gather the main offensive force of the longs. ”

"Indeed." Hearing this, Zhou Kan nodded, and said, "After this period of time, the market has continued to rise short, and there are too many capital groups that continue to pour into the core main line areas of 'big finance', 'big infrastructure', and 'military industry'.

And the market has developed to the present......

The core main lines of 'big finance', 'big infrastructure' and 'military industry' can siphon from other main line areas, and the active capital flow that can be siphoned from other main line areas, as well as the over-the-counter follow-up capital flow, is already very limited, in other words...... In terms of these three main areas, the structure of potential bullish power and potential bearish power is indeed inverted.

In that case, we are now ...... Do you continue to follow the established trading strategy and carry out gradual selling? ”

Xu Shen nodded and said: "Yes, continue to follow our established trading strategy, and gradually sell the chips of the fund position, just today's core main line of 'big infrastructure', 'new era road, and the Maritime Silk Road', there has been a greater positive stimulus, providing enough disk liquidity, and also giving a higher disk exit position, which is very conducive to our position reduction and profit." ”

"Okay!" Zhou Kan responded.

Subsequently, it continued to implement the relevant position reduction and profit-taking operations, and constantly sold many "big finance", "big infrastructure", and "military industry" main line areas, and the disk has seen a large-scale stagnation, or long and short divergence of position stocks, and immediately reaped the profits of the position, and at the same time reduced the fund position.

And in the company 'Zexi Investment'.

began to follow the main capital group of the 'Yuhang Department' to continue to reduce positions and take profits.

Zheng Zhongming, the general manager of the asset management business, is still directing a group of fund managers under his management to further pursue the market at the time of major positive and continuous stimulation of the market.

Similarly, within E Fund Co., Ltd., Huaxin Securities' proprietary investment department...... and other large institutions.

Many major fund product managers are also doing the same.

There are also some new fund product trading departments that have just been established in November, and the relevant fund managers are looking at the hot market, seeing the popular weighted stocks that are still continuing to refresh new highs, and then looking at the pitiful positions of the fund products they manage.

He also did not hesitate to command his traders, frantically chasing the market and grabbing related mainline weight stocks.

Therefore, they want to quickly establish positions, keep up with the rise of the broader market, and share the cup of the continuous advance of the bull market.

And under this kind of various capital flow games where some people are new and some people are out......

With the advancement of market trading hours, the Shanghai Composite Index began to explode sideways, and the entire market, except for the main line of 'big infrastructure' stimulated by the good news, and stocks related to the concept theme of 'New Era Road, Maritime Silk Road', other stocks are difficult to continue to break through.

Especially when the market is trading hours, after 2 o'clock in the afternoon.

The long undertaking of the market has seen a significant recession.

At 2:10, the Shanghai Composite Index rose again from the highest point of 1.83% in the intraday to below the 1.2% increase, and at the same time, the weight of the main line of "building decoration", "building materials", "commercial real estate development", "machinery and equipment", and "steel" has fully occupied the top five of the industry sectors in the two cities.

The securities sector, which once led the market.

At this moment, the intraday increase has slipped below 1.5%, which is basically the same as the Shanghai Composite Index gain.

And in the securities sector index rose sharply, its corresponding constituent stocks, 'CEFC Securities, Western Securities, Huashang Securities, Huaxin Securities, Huaxin Securities, Harbin Investment Capital' and ......other stocks, are also following the big dive, especially the stock of 'CEFC Securities', which represents the market trend and sentiment performance of the weighted stocks in the two cities, has slipped from the high point to around the 1.1% increase in the day, and has begun to be weaker than the Shanghai Index gain.

Of course, the 'Internet Finance' sector index is the most concentrated concept sector in the whole market to make money.

At the moment, it can still be relatively stable, still maintaining an increase of more than 2.5%.

And votes such as 'Great Wisdom, Flush, Oriental Wealth, Hengsheng Electronics, Jinzheng Shares, Yinjie Technology, and Huake Jincai ......' also maintained an increase of more than 5%.

As for other market sectors that are not the main lines of 'big finance', 'big infrastructure' and 'military industry'.

At this moment, most of the industry sectors and concept sectors have fallen from the intraday high to near the flat position, and even many stocks have fallen from the red plate state to the green disk state.

At 2:20, the market took a further dive.

At this time, the Shanghai Composite Index rose further below the 1% increase, and the disk retraced close to a 1-point increase.

The Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index have fallen back below the 0.5% increase.

Even the strongest A50 index.

At this time, the disk increase was only about 1.2%, which can be described as a sharp decline.

As for the specific market performance, as well as the performance of individual stocks.

The market of the whole market has been further concentrated in the direction of "large infrastructure", and only in the direction of "large infrastructure", there is also a strong intraday money-making effect, and other fields, including the "Internet finance" sector, have begun to have an obvious loss effect on many capital groups chasing high in the intraday.

At 2:30, the Shanghai Composite Index gradually stabilized at a rise of 0.79%.

Then, under the theme concept of 'big infrastructure' and 'the road of the new era, the Maritime Silk Road', the index tried to attack and pull back.

At 2:32, the Shanghai Composite Index rebounded to a 0.85% gain.

At 2:34, the Shanghai Composite Index returned to the 0.9% gain.

At 2:36, the Shanghai Composite Index rose back to 1%, but after the index broke through the 1% increase, it was not able to stabilize, and then quickly fell below the 1% increase under the effect of many disk selling.

Subsequently, it returned to the intraday range of 0.7% to 0.8%.

In the fluctuation of the index.

The main line market trend of the two cities is also volatile.

Moreover, the trend gap between the trend of the market and the changes in the long and short patterns of the market is becoming more and more differentiated.

Stocks in the same sector and the same concept.

In the absence of any fundamental problems, as well as material bearish interference.

There has been a situation where relatively popular stocks have a daily limit, and another high platform dives and can't even turn red.

At the same time, under the situation that the trend of related stocks is becoming more and more differentiated, the volume and energy performance of several core main areas is still hitting a new high.

It's just that the amount of energy is expanding.

The net inflow of major funds is declining rapidly.

At 2:45 a.m., when the market entered the final fifteen-minute phase of the end of the session.

The net inflow of main funds in the securities sector, which once reached 2 billion in the day, has turned into an outflow at this moment.

Of course, the banking and insurance sectors are still in the net inflow of major funds.

It's just that the net inflow of the main funds has decreased significantly compared with the market before 2 o'clock.

At 2:50, the A50 index accelerated its dive, rose on the disk, and slipped to a position on a par with the Shanghai Composite Index.

At the same time, the number of red-disc stocks in the two cities has also declined sharply, with only more than 1,200 stocks remaining in the red-disc state.

Finally, when 3 o'clock in the afternoon came, the two markets ushered in the closing time.

I saw that Shanghai was fixed at a 0.72% increase, leaving a relatively long upper shadow on the K-line chart.

As for the Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index, they all maintained a slight red market trend, ranging from 0.15% to 0.35%.

The A50 index only rose by 0.73% today, which is relatively consistent with the rise of the Shanghai Composite Index.

However, although the intraday trend of the core indices of the two cities was not very good, and there were two rapid dives in the intraday, leaving a long upper shadow, showing a long-short divergence.

However, the investor groups in the two cities have paid attention to and discussed the top 20 popular stocks.

In terms of closing results, it still maintained a comprehensive red market.

Moreover, whether it is 'Huake Sugon' or 'Bluestone Heavy Equipment', in the end, they all continued to close the trend of the price limit and successfully hit a record high.

At the same time, 'Great Wisdom', 'Yingkou Port', 'Shanghai Sanmao'...... and other mainline concept leading stocks.

It is also all closed with a daily limit, and they have hit new highs in recent times, as well as new highs in the year.

In other words, in the midst of exponential divergence.

The short-term speculation effect of the market, as well as the disk money-making effect of the core leading stocks and the concept leading stocks, have not been lost, but are still intensifying, further attracting the participation of active short-term capital groups from all walks of life in the market, and creating a stronger money-making effect.

Of course, in the face of such a closing result in the two markets.

For the majority of investors in the market with high expectations, it still feels lower than expected.

It's just that even if everyone is somewhat dissatisfied with the results of the intraday close, no one thinks that the market has peaked, or that there are any greater potential risks in the market.

After all, a number of leading stocks continue to hit new highs.

The speculation space of the market continues to be opened up and refreshed.

Can this be said to be a peak in the short and medium term? Can this be said to be a decline in the market's money-making effect?

"Today's market trend is a bit less than expected!" After the market closed, at about 3:15 p.m., in the magic capital, inside the Yinghui Fund Company, in the 'Yinghui No. 1' fund product trading room, Yu Lei, as the head of the fund product trading team, stared at the two markets that had already been fixed, and after a brief review, he said, "I feel that the internal capital divergence in the market is gradually getting bigger, and the upward pressure on the index is also gradually increasing." ”

As a fund manager, Liu Guanhai heard Yu Lei's words, nodded slightly, and said: "There is no doubt that the divergence of the market is increasing, but fortunately, looking at the closing results, the turnover of the two cities continues to expand, and has reached a scale of more than 970 billion."

In terms of turnover on this scale.

There should not be much problem with the active and liquid capital groups in the market to undertake the market market.

At the same time, the two core main lines of 'big finance' and 'big infrastructure', don't there are still many potential benefits waiting to be released?

There is this continued positive push.

The profit-making and unhedging groups in these two core main areas will definitely hesitate to sell.

In this way, the sell-off of these two main lines will not be serious.

Looking at other non-popular mainline areas, although there is no buying, there is no selling.

Therefore, in general, as long as the total turnover of the market continues to rise, and at the same time, there are several popular core main lines in the market, as well as potential positive stimuli and corresponding future expectations.

Then, even if the market is under pressure, it will not form an extreme adjustment trend.

After all, these selling pressures.

With the continuous expansion of new trading volume, as well as the continuous influx of new positions in these core main areas, it is enough to undertake.

I guess ......."

Liu Guanhai paused, pondered for a moment, and continued: "The next market trend will definitely not be as smooth as before, but this continuous upward trend will definitely not be easily reversed before the turnover is reduced.

Then wait until the profit order and the unhedging order are almost digested, and a new round of smooth upward offensive will break out.

In other words, I think that this position, the slope of the upward trend, most likely is going to slowly flatten, whether it is the Shanghai Composite Index or the A50 index, it will gradually move closer to the divergence of several important moving averages, so that the technical pattern is better. ”

After listening to Liu Guanhai's analysis, Yu Lei pondered for a while, nodded, and deeply agreed.

It is true that the market is divergent, but the reception is relatively good, and there is no trace of an extreme correction that could occur.

At the same time, he believes that the market has been squeezed up for so long.

The funds outside the field are running to enter the market.

Countless new funds want to compete for high-quality main line core chips in the field.

In this case, there is no room for the market to fall and adjust, and the maximum, that is, to move closer to the moving average and build a new chip platform.

In other words, the market investment risk is still controllable, and there is no need to worry too much at this time. (End of chapter)