1. Fundamentals: The Surge in US Bond Yields is the Core Variable

The trigger for this round of adjustments comes from the bond market.

• US 30-Year Treasury Yield once climbed to a level close to the highest since 2007;

• 10-Year US Treasury Yield is also at a level near the highs since early 2025.

The rapid rise in yields has directly changed the market's pricing of high-valued tech stocks. The logic behind it is clear:

Investors are worried about inflation pressures, increasing government debts, and rising financing costs, which are limiting the future expansion capabilities of tech companies — especially those that require continuous massive investment in building AI infrastructure.

In other words, when "borrowing becomes expensive," those assets supported by discounted future cash flows are the first to be hit.

Meanwhile, geopolitical risks are adding fuel to the fire:

• The US and Iran remain in a stalemate over solutions;

• The situation in the Strait of Hormuz continues to attract attention;

• Oil prices have risen for the third consecutive trading day.

The market fears that rising energy prices will further push up inflation, thereby compressing the future rate-cutting space of major central banks. This adds another weight onto the high-valued tech assets.

Summary: In the short term, the logic of pressure on high-valued assets has not yet been fully released, and volatility is likely to continue.

2. Technical Aspect: Range Expansion, Focus on Observation

ETH: Expansion of Fluctuation Space, Waiting for a Breakout of a Larger Range

ETH has slightly broken above a key range in the short term, and the fluctuation space has begun to expand, making the short-term trend more chaotic.

• Current Strategy: Focus on Observation, it is not advisable to chase after rising prices or to sell during downturns;

• Key Focus: Wait for the breakout choice of the larger range before making directional decisions.

In the absence of a clear direction, controlling positions and reducing ineffective trades are often the best strategies.

SanDisk: Ideal to Short After Breakout and Rebound

• Yesterday's break of key support levels leads to a focus on adjustment in the short term;

• Due to significant correction yesterday, waiting for a rebound to short is relatively ideal;

• Swing Trading Reference: Short at key resistance levels during a rebound, set a stop loss above the resistance level; watch for two target levels below.

⚠️ Note: Please refer to your trading platform's real-time data for specific prices; this article does not constitute investment advice.

SK Hynix: Inverted Head-and-Shoulders Pattern Forming, Short-Term Variables Exist

• Yesterday, the short-term target level was reached, currently positioned on the right shoulder support level of the inverted head-and-shoulders pattern;

• The trend may either rebound from here or continue downward — short-term variables exist;

• Operational Suggestion: Only hold previous short positions, consider moving stop-loss above key levels; do not recommend pursuing new short positions, focus on observation in the short term.

If the 4-hour line stabilizes the key support, then this round of decline may temporarily build a bottom, at which point re-evaluation will take place.

• If you want to know more details and specific operations, see you in the live broadcast room tonight, we will analyze the market live, watching the K-line and discussing the logic.

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