Last night's futures data released a noteworthy signal.

From the position changes, CITIC's net increase was 1313 long contracts, but at the institutional level, there was a net increase of 4420 long contracts. This comparison is interesting—it indicates that although some large traders are adding positions, the overall institutional trend is reducing positions. Such dislocation often hints at market divergence.

End-of-year funding remains tight, and liquidity tightening is the norm. Coupled with the high likelihood of the yen facing rate hike pressures, which will further increase financing costs. In this environment, position sizes should be prudently managed.

Judging from short-term trends, there is a significant probability that the futures will break below 3800 points in the next two days. If this level is lost, it could trigger a chain reaction. It is recommended to closely monitor the performance in this area and adjust risk exposure promptly.

Market changes are rapid; there are no absolute judgments, only for reference.