What are the funds doing? It's not fleeing, but repositioning

From the flow of funds, this sharp decline in the US stock market appears more like a repositioning rather than a complete exit. Defensive sectors and cash assets are relatively resistant to decline, indicating that funds are still within the system, just with a changed attitude towards risk.
It is worth noting that:
* The index decline is greater than the median of most individual stocks
* Leading stocks experience amplified volatility, but not out of control
* Market liquidity still exists
This means the market still has self-repairing ability. What we should truly be cautious of is not a single-day plunge, but whether there will be structural deterioration such as **"no volume rebound, increased volume on declines"** in the subsequent period.
#美股收盘三大股指暴跌