Viewpoint: after four consecutive months of recovery, the leading economic indicators fell below the boom and bust line, confirming the judgment of anti pumping we mentioned earlier. In this case, the pressure of economic growth still inhibits the market. Under the support of policy support and monetary easing cycle, the market as a whole is still a process of shock bottoming. In the short term, the new low of gem adjustment dragged down the Shenzhen composite index, which also ushered in the low point of this round of adjustment. Under the downward resonance trend, the stock index fell below the integer mark of 3100 points. Although there were funds to protect the market, it was more like a trial action. After several consecutive days of adjustment, the index oversold and rebounded or was imminent, but there were still repeated at the bottom of the overall market. It is suggested that investors in the middle line should make bargain hunting strategic allocation and band investors should tentatively play individual stocks.
Today, the Shanghai and Shenzhen stock markets both opened low, with a volatile opening. The upward trend once turned red, but then rushed up, fell back and fell continuously. In the afternoon, driven by funds, the securities sector rose sharply, leading the intraday rebound of the index, but the strength and sustainability were weak, and the index fell again. Open low and walk low throughout the day, continuing the recent adjustment. On the disk, a few sectors, such as non bank finance, beauty care and banking, rose, while the rest fell, led by the sharp decline in agriculture, forestry, animal husbandry and fishery, while many sectors, such as basic chemicals and steel, fell by more than 3%.
Yesterday, the gem hit a new low since the adjustment, and under the mud and sand, the Shenzhen composite index also ushered in a new low today. So far, the periodic bottom since March 16 has been broken down again. Even if the Shanghai index has not hit a new low, it has also suffered a heavy fall today under the resonance of the decline. It fell below the integer level of 3100 points and approached the 3000 point level.
It is worth noting that when the market fell today, there were some anomalies: first, the counter trend of northward funds. The opening index fluctuated lower today, but the northward capital was a net inflow against the trend, and even increased the inflow in the afternoon. Under continuous adjustment, the adverse trend of northward funds may boost the short-term market rebound; Secondly, the sudden rise in the intraday trading of securities companies. In terms of strength, the sector index rose by 2% rapidly, and Nanjing Securities Co.Ltd(601990) and other prices rose once. The strength is still OK, but the sustainability is not strong. Many people think that this is the entrance of mysterious funds, but from the perspective of performance, it seems to be only a trial action; In addition, there is actually a piece of good news today, that is, the regulator mentioned "pay close attention to the formulation and introduction of supporting rules and systems for individual pension investment in public funds, and optimize the medium and long-term capital market environment". In the medium term, personal pensions will indeed deliver "fresh blood" to the stock market and provide long-term and stable funds through financial products and financial institutions.
Therefore, we say that if there is an anomaly when the market falls, the index may rebound. In particular, driven by the demand for short-term support and the good news of personal pension, individual stocks may have the opportunity to rebound in the short term, which is more suitable for short-term players. However, for the bottom of the market, there are still repeated under domestic and foreign troubles, and the current or not the best time to enter the market. For midline investors, the current market has fallen out of value, which is an opportunity for strategic allocation, but band investors still need to wait and see further and wait for the release of the signal of the end of this round of adjustment.
