Garbage time begins

After dropping to 60k and briefly dipping below in early February, it has rebounded weakly several times. Today, it dropped again to 65k, which can be seen as a retest.

In this situation, based solely on market sentiment and indicators, the long-term downtrend remains unchanged. However, in the medium to short term, the momentum has exhausted, and there is no clear direction or narrative.

On the macro level, Federal Reserve policies, tariff policies, and geopolitics are all at a "possible change" but "change has not yet arrived" stage.

Furthermore, when considering external stock markets and commodities, on one hand, the "road continues, songs are sung, and dances are danced" with the ( index reaching new highs ), and on the other hand, there is a bit of "whistling to boost confidence" (AI sustainability).

The conclusion is that change will happen, but not now. So, it's a garbage time.