Today, the three major indices of A-shares showed divergent trends. The SSE Index fluctuated and consolidated, while the Shenzhen Index and ChiNext opened high but closed low.
By the end of the trading session, the SSE Index rose by 0.01%, while the Shenzhen Index and ChiNext fell by 0.97% and 1.22%, respectively. The market turnover slightly increased by 32.7 billion yuan compared to yesterday.
The number of stocks that rose and fell was 1,841 and 3,541, respectively, with the median change in stock prices being a decline of 0.65%.
Yesterday, Da Ge mentioned that we should pay close attention to the resistance level around 4,050 points in early March. As a result, today it hit 4,050 points and encountered resistance and retreated.
So, how will the market operate next?
Da Ge discusses several phenomena he has observed.
First, the pressure around 4,050 points in early March is very obvious; otherwise, it wouldn't have encountered resistance and retreated today.
Second, in the past year, after a significant adjustment, the SSE Index's rebounds have always faced resistance near the upper moving averages, leading to sideways consolidation or oscillating corrections for several trading days.
One instance occurred in April 2025, after a sharp decline on April 7, the SSE Index fluctuated upward and reached near the 30-day, 60-day, and 120-day moving averages on April 24, followed by four days of sideways consolidation. Another instance occurred in December 2025, when the SSE Index reached near the upper 30-day moving average on December 8, followed by six days of oscillating correction.
Currently, the SSE Index is facing pressure from the 60-day moving average.
Third, a second top divergence phenomenon has appeared on the 30-minute level of the SSE Index.
Fourth, during this round of rebound, the SSE Index has experienced several upward gaps on the following days, with the gaps on March 25, April 1, April 10, and today all being filled. Currently, there are still two gaps from April 8 and April 14 that have not been filled.
Whether the gaps will be filled depends on the market conditions and the current position. Currently, the market is not in a clear upward phase or main rising wave, which means there is a high possibility that the two unfilled gaps will be filled.
Fifth, today, defensive sectors strengthened, including banking, pharmaceuticals, and liquor.
In summary, a market correction starting tomorrow is highly probable, but since the rebound cycle is not over, the correction space may not be too large. Generally speaking, there will be a demand to fill yesterday's gap.
In terms of sectors, the two main lines of the recent market, AI hardware and lithium batteries, have both undergone adjustments.
The correction in the lithium battery sector may be related to news.
According to CCTV News, on the 14th, Fox News reporter Maria Bartiromo posted a video on social media stating that she had just interviewed Trump. Bartiromo reported that Trump claimed that the war against Iran by the United States is &#34;over.&#34;
This news has dampened the short-term sentiment in sectors related to lithium batteries and energy storage.
The logic behind this round of lithium battery market is energy security, which is greatly influenced by the situation in the Middle East. Therefore, compared to AI hardware, the logical strength of lithium batteries is significantly weaker
In terms of AI hardware, today's movements are mainly influenced by the performance of Zhongji Xuchuang.
Yesterday, Zhongji Xuchuang announced that it would disclose its quarterly report ahead of schedule, which raised market expectations for AI hardware in the short term.
However, &#34;carbon-based life&#34; ultimately cannot compete with &#34;silicon-based life.&#34; After a strong opening in the morning, AI hardware stocks fluctuated and fell back. After breaking below the intraday average price, many individual stocks continued to decline and struggled to reach the intraday average price. This is a typical quantitative behavior.
So, does this mean that AI hardware will undergo a round of adjustments?
From the trend perspective, the communication equipment sector index gapped up last Wednesday, and it has only been 6 trading days since then, so the possibility of the rally ending is low.
Looking back at the commercial aerospace market from November 2025 to January 2026, it can be observed that after the commercial aerospace sector index broke through on December 5, it rose for 7 trading days, and after a two-day pullback, it resumed its upward trend.
Therefore, although there may be a demand for profit-taking in AI hardware in the short term, Da Ge believes there is no need to worry too much.
From the current AI hardware market, although driven by performance verification and industrial logic, it is undeniable that some individual stocks have shown obvious trend speculation. The current short-term profit-taking phenomenon is beneficial for the expansion of the market.
In addition, looking at the trends in sub-sectors such as gas turbines and electronic fabrics, after rising for three to four days, they have generally experienced pullbacks. This requires us to pay attention to the rhythm in the internal rotation of the main line.
On the event front, the Google Cloud Conference will be held on April 22. Before this, the AI hardware market is expected to be relatively active.
Finally, Da Ge summarizes: multiple signs indicate that the market has a short-term need for consolidation or pullback. The internal rotation of the main line, continuity of rises and falls, and quantitative factors require us to pay attention to the rhythm in our operations, and to avoid chasing prices, especially in sectors that have risen sharply for three to four consecutive days.
In terms of sectors, continue to focus on main sectors such as AI hardware and lithium batteries, while also paying attention to sectors like commercial aerospace and innovative drugs that have interspersed market characteristics.
PS: To learn more about Da Ge's views or to communicate with Da Ge, please follow the WeChat public account &#34;Dao Da Hao.&#34;
(Zhang Da Da)
According to the latest regulations from relevant national departments, this note does not involve any operational advice, and market entry risks are borne by the individual.
Daily Economic News

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The A-share market showed mixed performance today, with the SSE Index slightly rising by 0.01%, while the Shenzhen Index and ChiNext fell by 0.97% and 1.22%, respectively. The market turnover increased slightly, and individual stocks exhibited uneven performance. Analysts pointed out that the SSE Index encountered resistance at 4050 points, and it may experience fluctuations and corrections in the future, but the rebound cycle has not ended, and the correction space is limited. Defensive sectors performed strongly, while the AI hardware and lithium battery sectors saw adjustments

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Shenzhen Index

ChiNext

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China Southern ChiNext Composite ETF

Tianhong ChiNext Composite ETF

Fullgoal SSE Composite ETF

E Fund GEM ETF

Fullgoal ChiNext Composite ETF

Dacheng SZSE Component ETF

GF ChiNext Composite ETF

SZSE RAFI&reg; 200 Index ETF

Zhongji Innolight

Alphabet

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Is the rebound market coming to an end? Two historical trends will tell you the answer - DaDa Investment Notes