Yesterday, the stock market surged, entering a phase where both volume and price increased.

Why did it fall again today?

The ChiNext board saw a drop of over 1% at one point during the trading session.

What happened?

If we consider yesterday's market, the three major indices strengthened with increased volume, and more than 4000 individual stocks rose.

The sectors that had previously been oversold closed with a general increase, which should have been a sign of a positive market sentiment.

However, a one-day surge is not enough to prove anything.

This is also the difficulty that Xiaojin emphasized yesterday; the market cannot judge the trend reversal based on a single day's rise.

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So, after yesterday's surge, why did the stock market fall again today?

With over 3500 individual stocks weakening, there are mainly two reasons that have a certain impact on the short-term market of A-shares.

The first point is that yesterday's rise was mainly due to the support funds that boosted the stock market's short-term strength.

After 10:30, some incremental funds from outside the market entered, causing the A-shares to increase by about 130 billion yuan in volume.

However, if the market is a short-term rise in the stock market driven by support funds, and today the support funds slow down the inflow of funds, it is obviously not an easy task to rely on external funds to complete yesterday's lifting market.

After all, the current market sentiment is still in a recovery period, not a period of high enthusiasm.

The volume this morning has already shrunk by 80 billion yuan, which undoubtedly indicates that yesterday's market was a one-day trend, and the willingness to chase after a short-term rise is relatively low.

A-shares need to enter a larger uptrend, not just a one-day strength, to change the market trend.

Therefore, today's decline is still due to insufficient trading volume, and the stock market is in a process of emotional recovery.

The second reason is that the indices that fell more than 1% during today's trading session were mainly in the ChiNext board.

The thematic concepts that rose yesterday have entered a general decline today, dragging down the trend of the ChiNext board.

The general rise in the morning's external market, while A-shares are weakening alone, may be related to some news announced in the morning.

However, this also implies that while the external market is celebrating, A-shares are still in a weakening pattern, and the market trend is not running strongly.

It is not ruled out that the ChiNext board will face a new low in the near future.

Perhaps the ChiNext board needs to speed up its bottoming out, and the trend is expected to form a better bottoming and rebound process.

After all, with the current trading volume of 600 billion yuan, it is difficult to bring a continuous general rise effect to the stock market.

Moreover, since the ChiNext board has been in a volatile state since August 29, it has been nearly a month of market trend, and there has not been a significant volume of trading, which is obviously a weak rebound of the ChiNext board, and the trend still does not have the characteristics of stabilization.

Based on the above two reasons, the market is still weakening in the short term, indicating that A-shares need a certain process for the recovery of the emotional side, and the stock market will enter a reversal trend.

The change in the capital side also needs a process.

The funds that entered the market yesterday are flowing out again today, completely replicating the market trends of the previous few times.

With a daily trading volume of less than 700 billion yuan, it is difficult to support the market trend to continue to strengthen.

The only point that can be optimistic about is that A-shares have started to change from the lower position of the left-side decline interval to the right-side interval.

Once this change is completed, the stock market will usher in a round of growth in the later period.

Therefore, after yesterday's surge, today's performance is relatively low, indicating that A-shares need to complete a strong rise, and both the emotional and capital sides need a recovery period.