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Guys, the market action today is off. Early on, only the large caps were falling while small caps held up, but after 10 a.m., mid- and small-cap stocks collapsed entirely—the CSI 2000 and SSE Sci-Tech Innovation 50 both plunged over -1.5%. The Shanghai Composite hit a low of 3,675, breaking below the lows from October to December. Only the SSE 50 managed a slight rebound—classic case of large caps propping up the index while small caps get dumped. The index only dropped 0.8%, but if you’re holding any positions, it feels like a crash. Volume is still expanding, and panic selling hasn’t cleared out. Don’t catch falling knives during a broad-based sell-off—wait for signs of stabilization, like shrinking volume and longer lower shadows. Today, just watch.

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