The Delay In The Entry Of OTC Funds Means A Continuous Decline In Total Positions.

After nine consecutive trading days, stock index futures rose earlier this week, showing a concussion and a total decrease of 20 thousand positions.

As of Friday's close, the main contract IF1504 rose 45 points, or 1.14%, eventually closed at 3985.6 points.

Analysts believe that when market sentiment is cautious and capital flows into a slowing market,

The pattern of short-term or maintaining high volatility.

"This cycle refers to the overall maintenance of shocks. From the weekly line, the pace of growth has slowed down compared with the previous two weeks," said Zheng Yanan, analyst at GF futures. "There was a contract discount on the 1504 contract on Thursday, indicating that the short term bulls tend to be cautious, which means that the short term continues to take a strong upward pressure."

From now on

Look, this cycle refers to Tuesday and Thursday, the two trading days all have the discount, the far month contract premium also narrowed correspondingly.

On Friday, the main contract returned to the rising trend. At the close, the premium between IF1504 and spot CSI 300 index was 13.9 points, and 15 minutes later, it was pulled up from the premium.

From holding positions, this week's cautious mood is heating up.

Market entry weakened.

Total holdings gradually declined, from 251 thousand on Monday to 231 thousand on Friday, reducing more than 2 million hands.

The position of CICC has shown that the top 20 seats in the IF1504 contract have increased from 2032 to 93 thousand and 400, while the top 20 seats have been reduced to 3253 hands to 104 thousand and 500 hands.

On the specific seats, CITIC futures increased more than 1202 single hand holdings, reducing the number of empty single 678 hands; Haitong futures reduction of empty single 891 hands; Galaxy futures reduction of empty single 1601 hands.

"The main reason for this week's rise is that the adjustment of the gem has driven the flow of capital to the market," Zheng Yanan said. On the capital side, the stock index continued to shrink, indicating that the pace of short-term capital market has slowed down.

In the context of cautious market sentiment, slow capital market and unclear management attitude, short-term index will continue to shake, and there will be no risk of callback.

Wang Yiming, a medium-term analyst in Shanghai, said that in March, PMI was much less than expected, which caused a certain suppression on the trend of the index. However, the stock market's recent strong atmosphere was not particularly obvious, and the current market lacked effective guidelines to maintain concussion for most of the time.

Technically, the index refers to the frequent efforts of the empty side, but the underlying support is strong, and the average line shape is maintained well.

But short-term uncertainty increases or maintains high volatility.