Recently, the US market hours have been frequently declining, and the underlying logic is worth noting. After the Asian session's rally, market participants began to gamble—fearing that US traders waking up would sell off, they chose to act early. This phenomenon essentially reflects that liquidity remains tight. When market participants are PVPing each other, it often indicates that large funds have not yet truly entered the market, and market depth is insufficient. From a trading perspective, the strategy at this stage is very clear: short on rallies. As long as the liquidity problem is not fundamentally improved, rebounds are opportunities to short. The market is waiting for genuine incremental capital injection to change this situation.