On March 8th, Zhejiang Securities believes that although the main indexes have rebounded strongly this week, and even a few indexes have hit new highs, the significant decline in trading volume has left certain hidden dangers; However, if some indices show signs of divergence from the MACD peak, it indicates a significant increase in technical pressure. Looking ahead to the future, we believe that the process of “stepping back and solidifying” may be delayed, but it will arrive later. The market is likely to absorb the endogenous adjustment pressure brought by the continuous rise in the early stage through range oscillation. We expect that after a round of volatile consolidation, the market is expected to regain its upward momentum in late March and enter the third stage of the spring offensive, a ‘comprehensive rebound’. In terms of allocation, based on the judgment that the spring offensive has officially entered the second stage of “stepping back and solidifying”, we suggest that investors adjust their position structure and wait for the consolidation to be completed before increasing their allocation. In terms of industry sectors, we suggest making certain adjustments to the technology sector with excessive previous gains, searching for targets within the sector for “high cut low”, or switching some positions to the large financial and dividend sectors with relatively small previous gains, and appropriately smoothing the net asset value curve.
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