Thursday's futures data released an interesting signal. CITIC net added 1,361 short positions, indicating they are still increasing their holdings, but the overall institutional performance is different — behind the net increase of 7,634 long positions, there is actually a significant reduction in positions.

This divergence in holdings should be approached with caution. From a technical perspective, the market support level is around 3860. If this level is broken, it is likely to retest around 3800.

Currently, the market can be observed more and acted upon less, waiting for clearer signals before making moves.