after the massive back-to-back rally, it wasn’t surprising to see the market take a bit of a breather. Volume was on the light side, which is exactly what the bulls want to see. Technically speaking, the market needs a series of days like this to work off the overbought condition and build up buying interest.

在連續大幅走高之後，市場短暫休整是合乎情理的。成交量一直較低，這也是多頭願意看到的。從技術上講，市場還需要幾個這樣的交易日才能消化超買局面並積蓄買入興趣。

based upon recent trading actions, the market is setting up for a short-term pullback consolidation period, which could last about 2 to 5 trading sessions. Long-term technicals, however, remain bullish so buying on dips should be rewarding.

從近期走勢來看，市場正在進入一個短期回調整理階段，可能會延續2-5個交易日。不過長期技術面依然看漲，因此逢低買進策略應該可以給我們帶來回報。

the near-term technical backdrop still favors the bullish case hence further short-term gains likely. Although, given that there are some potential sell signals building on the horizon, we’d remain skeptical of breakouts and looking to get off the overcrowded bullish bandwagon.