On December 30th, the market experienced ups and downs, with precious metals collectively plunging, and the domestic stock market was not idle either.

The three major US stock indices all declined on Monday — Dow Jones fell 0.51%, S&P 500 dropped 0.35%, and Nasdaq decreased by 0.5%. The technology sector was under significant pressure, with Tesla sliding 3.27%, Nvidia down 1.21%, and Broadcom, Microsoft, and Netflix also retreating. Conversely, the leading storage chip company Micron rose against the trend by 3.4%.

Most Chinese concept stocks weakened, with Hang Seng Index futures slightly down. Alibaba, Kingsoft Cloud, Li Auto, Xpeng, Bilibili, and JD.com led the declines, while NIO, Baidu, iQiyi, and NetEase rebounded. The RMB performed remarkably, breaking the 7.0 threshold.

The commodity market was even more turbulent. Futures gold plummeted by $202 per ounce, silver nearly fell 10%, and oil prices rose over 1%. Futures for lithium carbonate, palladium, platinum, tin, and copper all declined sharply.

This combination of factors is not good news for A-shares and Hong Kong stocks, especially putting pressure on the non-ferrous metals sector — those funds that were still increasing their positions yesterday are likely to face a "lesson" today.

From a technical perspective, although the market shows strong resilience, pressure is indeed building, and a correction signal has appeared, possibly leading to a shakeout at any time. Funds are increasing their bets on gambling stocks, and many investors are choosing to lock in gains before the year-end. Northbound capital is still flowing out, and whether there will be policy support before the holiday remains uncertain, which is somewhat unsettling. However, not everything is pessimistic; whether the main players can reverse course and trigger a continuous rally remains to be seen.

Looking at the sector long-short ratio, most are below 1.0, indicating that bears are prevailing. Caution is still necessary at this point.