Last night, global stock markets cheered in unison. The three major US stock indices rose simultaneously, with gains of 1.23%, 0.69%, and 0.64%, respectively, with the Dow Jones reaching a new all-time high. The oil and gas sector led the breakout, semiconductor concepts continued their strong momentum, with ASML soaring 5.53%, accumulating a 14.8% increase over two trading days, and the stock price reaching a historical high. The autonomous driving concept took off, with Tesla closing up 3.1% overnight.

The Asia-Pacific markets showed differentiated trends. After a brief calm, Hong Kong stocks suddenly surged, with the Hang Seng Index approaching a 2% increase in the morning, and the Hang Seng Tech Index even hitting 2.3%, with tech stocks performing noticeably better than expected. Behind this rally, it seems to signal the official start of spring volatility.

Key levels have already emerged. Several market indices broke through the upper boundary of their consolidation range from the past few months, which may mark the beginning of a new wave of market trends. But this is also the most testing moment for investor confidence—whether they can hold this high level will determine if the market continues to rise or if a new pullback occurs.

Trading volume remains active. In just two hours of the morning session, the combined trading volume of the two markets reached 1.78 trillion yuan, and it is expected to hit around 2.7 trillion yuan for the entire day. Such active trading volume is rare in many years, indicating that market sentiment is fully energized.

Of course, risk warnings are also necessary. The indices have been running with consecutive large bullish candles, with significant short-term gains, and there is a possibility of a pullback technically. But don’t panic excessively, because once a shakeout occurs, the extent is usually limited—after all, the market’s engine has already been ignited. The key is whether the trendline support can be maintained.

From a broader macro perspective, major global stock markets have undergone an extended adjustment period, and a new upward cycle is almost certain. The spring volatility is not unfounded but is the result of multiple factors resonating. A new market mainline is quietly emerging, providing fresh imagination space for subsequent trends. Short-term fluctuations are inevitable, but the overall trend is already clear.