The overall situation in the financial markets tonight is in a self-correcting state, as the holiday liquidity is relatively low. The trends in the bond market, US dollar, and US stocks are temporarily undergoing self-correction without a clear main theme, so they have limited reference value.

It is worth noting that precious metals still show strong momentum, driven by market optimism, some geopolitical safe-haven factors, and other influences.

As for US stocks, the current performance is consistent with my pre-market judgment. The pre-market rebound has continued into the trading session, but it has now begun to decline again.

Today's US stock rebound was mainly driven by technology stocks, representing a short-term, low-liquidity, emotional rally. Therefore, after the short-term rise, the momentum is insufficient, leading to a pullback. Keep a close eye on whether the S&P continues to retrace and fill the gap. The gap will be fully filled around 6840. Once filled, or if it continues to deepen the correction, it could signal further downside.

Of course, if no opportunities arise this week, we will wait and see next Monday. Currently, the US stock pullback is accompanied by stable VIX index and SPHB/SPHQ ratio, indicating that risk appetite has not changed. An orderly sell-off suggests a healthy correction phase!