On Friday, the US stock market declined significantly, with the NASDAQ dropping 1.69%. The chip sector was hit especially hard, and this wave of decline directly spread to A-shares technology stocks. Coupled with two negative news items over the weekend—one about the newly listed GPU leader raising 7.5 billion yuan for cash management, and another about a chip company's restructuring being put on hold—the popularity of the tech sector has already halved.

Therefore, a gap-down opening today is almost certain. The external market drag combined with negative news about tech stocks is a heavy blow that can't be avoided. But the key question is: after falling, can there be a rebound?

The answer depends on one word—**Volume**.

Last Friday, although trading volume rebounded to over 2 trillion yuan, it was driven by panic selling, with funds bottoming out rather than actively pushing prices higher. The focus today is on the true attitude of institutional investors. If the opening sees dumping and suppression, especially targeting high-level tech and AI sectors, and trading volume shrinks below 1.8 trillion yuan, then today will be purely a sell-off—trying to push the market green? That's unlikely. Any "rebounce" would only be fleeting.

However, recent weeks have shown that after big drops, A-shares sometimes manage to rally briefly at the close, demonstrating some resilience. If institutions feel the decline is enough, or if heavyweight sectors (like banks with high dividends) are supported by funds, and if trading volume again increases in the morning to push prices up, there's still a chance during the session to climb out of the hole—playing a "low open, high close" scenario. Just don’t expect a complete reversal; breaking even without much loss is already a win.

Moreover, this week, five new stocks are queued for IPO, the yen may raise interest rates on Friday, and global liquidity faces new uncertainties. The tone for this week is one word: **Timid**.

The operational approach is clear:

**Chasing highs? Stop.** In this environment, a gap-up at the open is unlikely. If you chase high today, you'll just be cutting.

**Light positions, buy on dips.** Focus only on stocks you believe in, that have fallen to support levels with logical backing, and try to buy lightly to test the waters. The overall environment is unstable, and there’s always a risk of further declines.

**Watch more, act less, cash is king.** Keep your main positions tight. Wait until the "internal and external troubles" (tech negative news, US market instability, yen rate hikes, financing pressure) have passed, and clear signs of stabilization appear before participating again. There are plenty of opportunities—don’t rush.

Whether today can see a "low open but not low go" pattern depends entirely on whether real funds are entering the market with volume to push prices up. If the big players dare to increase volume and support heavyweight stocks to boost sentiment, there is hope; if they continue to shrink volume and sell off, then it’s best to wait and see. Remember one thing: only buy on dips, avoid chasing highs, and control your hands.