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tony233
05-08 17:59
某A金融股也跌啊
美股一个危险信号：金融板块年内跌6%，大盘却在创新高
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15:02","market":"fut","language":"zh","title":"美股一个危险信号：金融板块年内跌6%，大盘却在创新高","url":"https://stock-news.laohu8.com/highlight/detail?id=2633487386","media":"华尔街见闻","summary":"标普500连创历史新高之际，金融板块却逆势累跌6%，XLF跌破200日均线且相对大盘表现创1998年以来历史最低——弱于金融危机和新冠冲击期间。历史数据显示，类似背离后一个月内标普500下跌概率高达90%。","content":"<html><head></head><body><p>当<a href=\"https://laohu8.com/S/161125\">标普500</a>指数屡创历史新高之际，一个关键板块的持续缺席正在向市场发出警告。</p><p>美股金融板块今年以来已累计下跌约6%，而标普500指数同期上涨7%，并在过去17个交易日内14次收于历史高位。这一罕见背离引发部分市场人士警惕——类似的信号曾在互联网泡沫破裂和2008年金融危机前夕出现。</p><p>Brown Technical Insights创始人Scott Brown表示，<strong>"美国股市离不开金融板块的支撑"，历史表明金融股至少需要参与上涨行情，而当前它们连参与都谈不上。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b3a20afc21326d4fa9da209d70ed04c5\" tg-width=\"1198\" tg-height=\"782\"/></p><p>私人信贷市场的隐忧被认为是金融板块承压的重要原因之一。SimCorp全球投资决策研究主管Melissa Brown指出，金融体系高度互联，相关风险"有可能比目前预期的扩散得更广"，需要密切关注。尽管<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>、美国银行和<a href=\"https://laohu8.com/S/WFC\">富国银行</a>等大型银行在4月均公布了强劲的季度业绩，金融板块的颓势依然未能扭转。</p><h2 id=\"id_1618210792\">技术面背离：XLF跌破200日均线</h2><p>Scott Brown指出，金融板块的技术面信号尤为值得警惕。追踪金融板块的State Street Financial Select Sector SPDR ETF（XLF）不仅在标普500创新高期间持续下跌，还始终运行于200日移动均线之下——后者被广泛视为判断长期趋势的重要参考。</p><p>历史数据显示，在此前32次标普500创新高而XLF同时位于200日均线以下的情形中，<strong>一个月后标普500有29次出现下跌，平均跌幅达3.3%。</strong>六个月后，标普500有18次下跌、14次上涨；一年后虽有17次上涨、15次下跌，平均涨幅4.6%，但下跌区间最大跌幅高达41.5%，显示下行风险不对称地偏大。</p><p>此外，在标普500全部11个SPDR行业ETF中，XLF是目前唯一一个价格与50日均线均低于200日均线的板块，这意味着金融板块在短期和长期趋势上均处于弱势。</p><p>从相对表现来看，情况同样不容乐观。据FactSet及MarketWatch数据，自XLF于1998年12月22日成立以来，该ETF相对于标普500的表现已跌至历史最低水平。</p><p>这意味着，金融板块当前相对于大盘的弱势程度，已超过新冠疫情冲击期间和2008年金融危机期间，更远差于2000年互联网泡沫破裂之初的水平。这一极端的相对弱势令部分分析人士感到不安。</p><h2 id=\"id_2627594009\">历史先例：金融板块曾两度提前预警</h2><p>金融板块之所以被视为领先指标，在于其作为经济流动性提供者的核心地位。企业需要借贷来扩张业务，银行则通过放贷获利。一旦信贷条件收紧或借贷意愿下降，经济与股市往往随之承压。</p><p><strong>历史上，金融板块曾两度在大盘见顶前发出预警。互联网泡沫破裂前，XLF相对于标普500的走势于1999年4月开始走弱，距标普500最终见顶约早11个月；2008年金融危机前，XLF于2007年2月开始发出警示信号，距市场顶部约早8个月。</strong></p><p>面对上述信号，Scott Brown的建议是审慎而非激进。他表示，在当前市场中判断顶部并不容易，转为看空也颇为困难，因为这类警示信号有时会持续很长时间才被市场消化，甚至最终未必成真。</p><p>不过，他建议投资者或许可以考虑逐步"减持芯片股"，而非继续追涨，更不宜向市场加注新资金。摩根大通CEO Jamie Dimon此前曾将去年底浮现的私人信贷问题比作"蟑螂"——见到一只，背后可能还有更多——尽管他同时表示相关问题可能不具系统性风险，市场对此警告的反应总体平淡。但在金融板块持续发出异常信号的背景下，这一警告或许值得重新审视。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美股一个危险信号：金融板块年内跌6%，大盘却在创新高</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股一个危险信号：金融板块年内跌6%，大盘却在创新高\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-05-08 15:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>当<a href=\"https://laohu8.com/S/161125\">标普500</a>指数屡创历史新高之际，一个关键板块的持续缺席正在向市场发出警告。</p><p>美股金融板块今年以来已累计下跌约6%，而标普500指数同期上涨7%，并在过去17个交易日内14次收于历史高位。这一罕见背离引发部分市场人士警惕——类似的信号曾在互联网泡沫破裂和2008年金融危机前夕出现。</p><p>Brown Technical Insights创始人Scott Brown表示，<strong>"美国股市离不开金融板块的支撑"，历史表明金融股至少需要参与上涨行情，而当前它们连参与都谈不上。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b3a20afc21326d4fa9da209d70ed04c5\" tg-width=\"1198\" tg-height=\"782\"/></p><p>私人信贷市场的隐忧被认为是金融板块承压的重要原因之一。SimCorp全球投资决策研究主管Melissa Brown指出，金融体系高度互联，相关风险"有可能比目前预期的扩散得更广"，需要密切关注。尽管<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>、美国银行和<a href=\"https://laohu8.com/S/WFC\">富国银行</a>等大型银行在4月均公布了强劲的季度业绩，金融板块的颓势依然未能扭转。</p><h2 id=\"id_1618210792\">技术面背离：XLF跌破200日均线</h2><p>Scott Brown指出，金融板块的技术面信号尤为值得警惕。追踪金融板块的State Street Financial Select Sector SPDR ETF（XLF）不仅在标普500创新高期间持续下跌，还始终运行于200日移动均线之下——后者被广泛视为判断长期趋势的重要参考。</p><p>历史数据显示，在此前32次标普500创新高而XLF同时位于200日均线以下的情形中，<strong>一个月后标普500有29次出现下跌，平均跌幅达3.3%。</strong>六个月后，标普500有18次下跌、14次上涨；一年后虽有17次上涨、15次下跌，平均涨幅4.6%，但下跌区间最大跌幅高达41.5%，显示下行风险不对称地偏大。</p><p>此外，在标普500全部11个SPDR行业ETF中，XLF是目前唯一一个价格与50日均线均低于200日均线的板块，这意味着金融板块在短期和长期趋势上均处于弱势。</p><p>从相对表现来看，情况同样不容乐观。据FactSet及MarketWatch数据，自XLF于1998年12月22日成立以来，该ETF相对于标普500的表现已跌至历史最低水平。</p><p>这意味着，金融板块当前相对于大盘的弱势程度，已超过新冠疫情冲击期间和2008年金融危机期间，更远差于2000年互联网泡沫破裂之初的水平。这一极端的相对弱势令部分分析人士感到不安。</p><h2 id=\"id_2627594009\">历史先例：金融板块曾两度提前预警</h2><p>金融板块之所以被视为领先指标，在于其作为经济流动性提供者的核心地位。企业需要借贷来扩张业务，银行则通过放贷获利。一旦信贷条件收紧或借贷意愿下降，经济与股市往往随之承压。</p><p><strong>历史上，金融板块曾两度在大盘见顶前发出预警。互联网泡沫破裂前，XLF相对于标普500的走势于1999年4月开始走弱，距标普500最终见顶约早11个月；2008年金融危机前，XLF于2007年2月开始发出警示信号，距市场顶部约早8个月。</strong></p><p>面对上述信号，Scott Brown的建议是审慎而非激进。他表示，在当前市场中判断顶部并不容易，转为看空也颇为困难，因为这类警示信号有时会持续很长时间才被市场消化，甚至最终未必成真。</p><p>不过，他建议投资者或许可以考虑逐步"减持芯片股"，而非继续追涨，更不宜向市场加注新资金。摩根大通CEO Jamie Dimon此前曾将去年底浮现的私人信贷问题比作"蟑螂"——见到一只，背后可能还有更多——尽管他同时表示相关问题可能不具系统性风险，市场对此警告的反应总体平淡。但在金融板块持续发出异常信号的背景下，这一警告或许值得重新审视。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7e69e2b1cc0cbb2a2ca0853d058e325d","relate_stocks":{"161125":"标普500","VYM":"红利股ETF-Vanguard",".SPX":"S&P 500 Index","SPYI":"NEOS S&P 500 High Income ETF","SH":"做空标普500-Proshares","ALLW":"SPDR BRIDGEWATER ALL WEATHER ETF","VTI":"大盘指数ETF-Vanguard MSCI","SDS":"两倍做空标普500 ETF-ProShares","SPYH":"Neos S&P 500 Hedged Equity Income ETF","QQQX":"Nuveen NASDAQ 100 Dynamic Overwrite","UVIX":"2倍做多恐慌指数期货ETF","DMAX":"ISHARES LARGE CAP MAX BUFFER DEC ETF","SPYG":"SPDR Portfolio S&P 500 Growth ETF","ACWI":"MSCI全球ETF-iShares","IJR":"标普小型股600指数ETF-iShares","UVXY":"1.5倍做多短期期货恐慌指数ETF-Proshares","IVV":"标普500ETF-iShares","SPYD":"SPDR Portfolio S&P 500 High Dividend ETF","VYLD":"Inverse VIX Short Term Futures ETN","SDOW":"三倍做空道指30ETF-ProShares","SPGP":"Invesco S&P 500 GARP ETF","TVIXF":"VelocityShare每日2X VIX短期ETN-CITI","VIXM":"波动率中期期货ETF-ProShares","SPYB":"Tradr 2X Long SPY Weekly ETF","SCHX":"Schwab US Large-Cap ETF","VIXY":"波动率短期期货指数ETF","SPHD":"标普500高股利投资组合ETF-PowerShares",".IXIC":"NASDAQ Composite","SPHQ":"Invesco S&P 500 Quality ETF","SPY":"标普500ETF",".DJI":"道琼斯","MOAT":"VanEck Morningstar Wide Moat ETF","SPYM":"投资组合标普500指数ETF-SPDR","IVW":"标普500成长股指数ETF-iShares","QMAR":"FT Vest Nasdaq-100 Buffer ETF - March","UDOW":"三倍做多道指30ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SPXS":"三倍做空标普500ETF-Direxion","QDEC":"FT Vest Nasdaq-100 Buffer ETF - December","OEF":"标普100指数ETF-iShares","NJAN":"Innovator Growth-100 Power Buffer ETF - January","DXD":"两倍做空道琼30指数ETF-ProShares","ITOT":"安硕核心标普全美股市ETF-iShares","PSQ":"做空纳斯达克100指数ETF-ProShares","SPLV":"Invesco S&P 500 Low Volatility ETF","USMV":"美国最小波动率ETF-iShares","NJUL":"Innovator Growth-100 Power Buffer ETF - July","VXZ":"中期波动率指数期货ETN","SSO":"2倍做多标普500ETF-ProShares","SCHG":"Schwab U.S. Large -Cap Growth 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ETF（XLF）不仅在标普500创新高期间持续下跌，还始终运行于200日移动均线之下——后者被广泛视为判断长期趋势的重要参考。历史数据显示，在此前32次标普500创新高而XLF同时位于200日均线以下的情形中，一个月后标普500有29次出现下跌，平均跌幅达3.3%。六个月后，标普500有18次下跌、14次上涨；一年后虽有17次上涨、15次下跌，平均涨幅4.6%，但下跌区间最大跌幅高达41.5%，显示下行风险不对称地偏大。此外，在标普500全部11个SPDR行业ETF中，XLF是目前唯一一个价格与50日均线均低于200日均线的板块，这意味着金融板块在短期和长期趋势上均处于弱势。从相对表现来看，情况同样不容乐观。据FactSet及MarketWatch数据，自XLF于1998年12月22日成立以来，该ETF相对于标普500的表现已跌至历史最低水平。这意味着，金融板块当前相对于大盘的弱势程度，已超过新冠疫情冲击期间和2008年金融危机期间，更远差于2000年互联网泡沫破裂之初的水平。这一极端的相对弱势令部分分析人士感到不安。历史先例：金融板块曾两度提前预警金融板块之所以被视为领先指标，在于其作为经济流动性提供者的核心地位。企业需要借贷来扩张业务，银行则通过放贷获利。一旦信贷条件收紧或借贷意愿下降，经济与股市往往随之承压。历史上，金融板块曾两度在大盘见顶前发出预警。互联网泡沫破裂前，XLF相对于标普500的走势于1999年4月开始走弱，距标普500最终见顶约早11个月；2008年金融危机前，XLF于2007年2月开始发出警示信号，距市场顶部约早8个月。面对上述信号，Scott Brown的建议是审慎而非激进。他表示，在当前市场中判断顶部并不容易，转为看空也颇为困难，因为这类警示信号有时会持续很长时间才被市场消化，甚至最终未必成真。不过，他建议投资者或许可以考虑逐步\"减持芯片股\"，而非继续追涨，更不宜向市场加注新资金。摩根大通CEO Jamie Dimon此前曾将去年底浮现的私人信贷问题比作\"蟑螂\"——见到一只，背后可能还有更多——尽管他同时表示相关问题可能不具系统性风险，市场对此警告的反应总体平淡。但在金融板块持续发出异常信号的背景下，这一警告或许值得重新审视。","news_type":1,"symbols_score_info":{"161125":0.87,"VXX":0.6,"QQQX":0.6,"ACWI":0.6,"SH":0.6,"USMV":0.6,"GPIX":0.6,"SFY":0.6,"SQQQ":0.6,"DDM":0.6,"IJR":0.6,"VTV":0.6,".SPX":2,"SVIX":0.6,"TSPY":0.6,"RSPN":0.6,"SCHG":0.87,"NOCT":0.6,".DJI":2,"VIXY":0.6,"HIBL":0.6,"NJAN":0.6,"MMAX":0.6,"JEPI":0.6,"VV":0.6,"QQQM":0.6,"SPYU":0.6,"ESmain":2,"NAPR":0.6,"UVXY":0.6,"RSP":0.6,"DBSC":0.6,"SMAX":0.6,"VEU":0.6,"RSPU":0.6,"SPXL":0.6,"IVW":0.6,"HIBS":0.6,"UDOW":0.6,"SPYB":0.6,"QMAR":0.6,"VXZ":0.6,"NJUL":0.6,"XYLD":0.6,"VIXM":0.6,"SPYD":0.6,"XDTE":0.6,"XLG":0.6,"SPYQ":0.6,"IVV":0.6,"VIX":2,"QLD":0.6,"DMAX":0.6,"SPHQ":0.6,"QID":0.6,"YSPY":0.6,".IXIC":2,"VOO":0.6,"SDS":0.6,"SPMO":0.6,"TVIXF":0.6,"DXD":0.6,"OEF":0.6,"QQQ":0.6,"TQQY":0.6,"IJH":0.6,"TQQQ":0.6,"DOG":0.6,"VIXmain":2,"IVE":0.6,"SPXU":0.6,"VYLD":0.6,"SPUU":0.6,"SVXY":0.6,"GSLC":0.6,"XLF":1.95,"SPDN":0.6,"DIA":0.6,"SSO":0.6,"ALLW":0.6,"SPYV":0.6,"SCHX":0.6,"SPYI":0.6,"SPLV":0.6,"VOOG":0.87,"RSPA":0.6,"BMAY":0.6,"VYM":0.87,"NQmain":2,"SDOW":0.6,"VBK":0.6,"MOAT":0.6,"SPHD":0.6,"SPYG":0.6,"SPYH":0.6,"NOBL":0.6,"GPIQ":0.6,"SPY":0.6,"PSQ":0.6,"QDEC":0.6,"ETFT":0.6,"SVOL":0.6,"ITOT":0.6,"VUG":0.87,"SCHB":0.6,"SPYM":0.6,"SPUS":0.6,"SPXS":0.6,"VTI":0.6,"YMmain":2,"SPGP":0.6,"UPRO":0.6,"UVIX":0.6}},"isVote":1,"tweetType":1,"viewCount":29,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":561981805545600,"gmtCreate":1778234371623,"gmtModify":1778238549295,"author":{"id":"3530014836514592","authorId":"3530014836514592","name":"tony233","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3530014836514592","idStr":"3530014836514592"},"themes":[],"title":"","htmlText":"某A金融股也跌啊","listText":"某A金融股也跌啊","text":"某A金融股也跌啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/561981805545600","repostId":"2633487386","repostType":2,"repost":{"id":"2633487386","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1778223750,"share":"https://www.laohu8.com/m/news/2633487386?lang=zh_CN&edition=full","pubTime":"2026-05-08 15:02","market":"fut","language":"zh","title":"美股一个危险信号：金融板块年内跌6%，大盘却在创新高","url":"https://stock-news.laohu8.com/highlight/detail?id=2633487386","media":"华尔街见闻","summary":"标普500连创历史新高之际，金融板块却逆势累跌6%，XLF跌破200日均线且相对大盘表现创1998年以来历史最低——弱于金融危机和新冠冲击期间。历史数据显示，类似背离后一个月内标普500下跌概率高达90%。","content":"<html><head></head><body><p>当<a href=\"https://laohu8.com/S/161125\">标普500</a>指数屡创历史新高之际，一个关键板块的持续缺席正在向市场发出警告。</p><p>美股金融板块今年以来已累计下跌约6%，而标普500指数同期上涨7%，并在过去17个交易日内14次收于历史高位。这一罕见背离引发部分市场人士警惕——类似的信号曾在互联网泡沫破裂和2008年金融危机前夕出现。</p><p>Brown Technical Insights创始人Scott Brown表示，<strong>"美国股市离不开金融板块的支撑"，历史表明金融股至少需要参与上涨行情，而当前它们连参与都谈不上。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b3a20afc21326d4fa9da209d70ed04c5\" tg-width=\"1198\" tg-height=\"782\"/></p><p>私人信贷市场的隐忧被认为是金融板块承压的重要原因之一。SimCorp全球投资决策研究主管Melissa Brown指出，金融体系高度互联，相关风险"有可能比目前预期的扩散得更广"，需要密切关注。尽管<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>、美国银行和<a href=\"https://laohu8.com/S/WFC\">富国银行</a>等大型银行在4月均公布了强劲的季度业绩，金融板块的颓势依然未能扭转。</p><h2 id=\"id_1618210792\">技术面背离：XLF跌破200日均线</h2><p>Scott Brown指出，金融板块的技术面信号尤为值得警惕。追踪金融板块的State Street Financial Select Sector SPDR ETF（XLF）不仅在标普500创新高期间持续下跌，还始终运行于200日移动均线之下——后者被广泛视为判断长期趋势的重要参考。</p><p>历史数据显示，在此前32次标普500创新高而XLF同时位于200日均线以下的情形中，<strong>一个月后标普500有29次出现下跌，平均跌幅达3.3%。</strong>六个月后，标普500有18次下跌、14次上涨；一年后虽有17次上涨、15次下跌，平均涨幅4.6%，但下跌区间最大跌幅高达41.5%，显示下行风险不对称地偏大。</p><p>此外，在标普500全部11个SPDR行业ETF中，XLF是目前唯一一个价格与50日均线均低于200日均线的板块，这意味着金融板块在短期和长期趋势上均处于弱势。</p><p>从相对表现来看，情况同样不容乐观。据FactSet及MarketWatch数据，自XLF于1998年12月22日成立以来，该ETF相对于标普500的表现已跌至历史最低水平。</p><p>这意味着，金融板块当前相对于大盘的弱势程度，已超过新冠疫情冲击期间和2008年金融危机期间，更远差于2000年互联网泡沫破裂之初的水平。这一极端的相对弱势令部分分析人士感到不安。</p><h2 id=\"id_2627594009\">历史先例：金融板块曾两度提前预警</h2><p>金融板块之所以被视为领先指标，在于其作为经济流动性提供者的核心地位。企业需要借贷来扩张业务，银行则通过放贷获利。一旦信贷条件收紧或借贷意愿下降，经济与股市往往随之承压。</p><p><strong>历史上，金融板块曾两度在大盘见顶前发出预警。互联网泡沫破裂前，XLF相对于标普500的走势于1999年4月开始走弱，距标普500最终见顶约早11个月；2008年金融危机前，XLF于2007年2月开始发出警示信号，距市场顶部约早8个月。</strong></p><p>面对上述信号，Scott Brown的建议是审慎而非激进。他表示，在当前市场中判断顶部并不容易，转为看空也颇为困难，因为这类警示信号有时会持续很长时间才被市场消化，甚至最终未必成真。</p><p>不过，他建议投资者或许可以考虑逐步"减持芯片股"，而非继续追涨，更不宜向市场加注新资金。摩根大通CEO Jamie Dimon此前曾将去年底浮现的私人信贷问题比作"蟑螂"——见到一只，背后可能还有更多——尽管他同时表示相关问题可能不具系统性风险，市场对此警告的反应总体平淡。但在金融板块持续发出异常信号的背景下，这一警告或许值得重新审视。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美股一个危险信号：金融板块年内跌6%，大盘却在创新高</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股一个危险信号：金融板块年内跌6%，大盘却在创新高\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-05-08 15:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>当<a href=\"https://laohu8.com/S/161125\">标普500</a>指数屡创历史新高之际，一个关键板块的持续缺席正在向市场发出警告。</p><p>美股金融板块今年以来已累计下跌约6%，而标普500指数同期上涨7%，并在过去17个交易日内14次收于历史高位。这一罕见背离引发部分市场人士警惕——类似的信号曾在互联网泡沫破裂和2008年金融危机前夕出现。</p><p>Brown Technical Insights创始人Scott Brown表示，<strong>"美国股市离不开金融板块的支撑"，历史表明金融股至少需要参与上涨行情，而当前它们连参与都谈不上。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b3a20afc21326d4fa9da209d70ed04c5\" tg-width=\"1198\" tg-height=\"782\"/></p><p>私人信贷市场的隐忧被认为是金融板块承压的重要原因之一。SimCorp全球投资决策研究主管Melissa Brown指出，金融体系高度互联，相关风险"有可能比目前预期的扩散得更广"，需要密切关注。尽管<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>、美国银行和<a href=\"https://laohu8.com/S/WFC\">富国银行</a>等大型银行在4月均公布了强劲的季度业绩，金融板块的颓势依然未能扭转。</p><h2 id=\"id_1618210792\">技术面背离：XLF跌破200日均线</h2><p>Scott Brown指出，金融板块的技术面信号尤为值得警惕。追踪金融板块的State Street Financial Select Sector SPDR ETF（XLF）不仅在标普500创新高期间持续下跌，还始终运行于200日移动均线之下——后者被广泛视为判断长期趋势的重要参考。</p><p>历史数据显示，在此前32次标普500创新高而XLF同时位于200日均线以下的情形中，<strong>一个月后标普500有29次出现下跌，平均跌幅达3.3%。</strong>六个月后，标普500有18次下跌、14次上涨；一年后虽有17次上涨、15次下跌，平均涨幅4.6%，但下跌区间最大跌幅高达41.5%，显示下行风险不对称地偏大。</p><p>此外，在标普500全部11个SPDR行业ETF中，XLF是目前唯一一个价格与50日均线均低于200日均线的板块，这意味着金融板块在短期和长期趋势上均处于弱势。</p><p>从相对表现来看，情况同样不容乐观。据FactSet及MarketWatch数据，自XLF于1998年12月22日成立以来，该ETF相对于标普500的表现已跌至历史最低水平。</p><p>这意味着，金融板块当前相对于大盘的弱势程度，已超过新冠疫情冲击期间和2008年金融危机期间，更远差于2000年互联网泡沫破裂之初的水平。这一极端的相对弱势令部分分析人士感到不安。</p><h2 id=\"id_2627594009\">历史先例：金融板块曾两度提前预警</h2><p>金融板块之所以被视为领先指标，在于其作为经济流动性提供者的核心地位。企业需要借贷来扩张业务，银行则通过放贷获利。一旦信贷条件收紧或借贷意愿下降，经济与股市往往随之承压。</p><p><strong>历史上，金融板块曾两度在大盘见顶前发出预警。互联网泡沫破裂前，XLF相对于标普500的走势于1999年4月开始走弱，距标普500最终见顶约早11个月；2008年金融危机前，XLF于2007年2月开始发出警示信号，距市场顶部约早8个月。</strong></p><p>面对上述信号，Scott Brown的建议是审慎而非激进。他表示，在当前市场中判断顶部并不容易，转为看空也颇为困难，因为这类警示信号有时会持续很长时间才被市场消化，甚至最终未必成真。</p><p>不过，他建议投资者或许可以考虑逐步"减持芯片股"，而非继续追涨，更不宜向市场加注新资金。摩根大通CEO Jamie Dimon此前曾将去年底浮现的私人信贷问题比作"蟑螂"——见到一只，背后可能还有更多——尽管他同时表示相关问题可能不具系统性风险，市场对此警告的反应总体平淡。但在金融板块持续发出异常信号的背景下，这一警告或许值得重新审视。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7e69e2b1cc0cbb2a2ca0853d058e325d","relate_stocks":{"161125":"标普500","VYM":"红利股ETF-Vanguard",".SPX":"S&P 500 Index","SPYI":"NEOS S&P 500 High Income ETF","SH":"做空标普500-Proshares","ALLW":"SPDR BRIDGEWATER ALL WEATHER ETF","VTI":"大盘指数ETF-Vanguard MSCI","SDS":"两倍做空标普500 ETF-ProShares","SPYH":"Neos S&P 500 Hedged Equity Income ETF","QQQX":"Nuveen NASDAQ 100 Dynamic Overwrite","UVIX":"2倍做多恐慌指数期货ETF","DMAX":"ISHARES LARGE CAP MAX BUFFER DEC ETF","SPYG":"SPDR Portfolio S&P 500 Growth ETF","ACWI":"MSCI全球ETF-iShares","IJR":"标普小型股600指数ETF-iShares","UVXY":"1.5倍做多短期期货恐慌指数ETF-Proshares","IVV":"标普500ETF-iShares","SPYD":"SPDR Portfolio S&P 500 High Dividend ETF","VYLD":"Inverse VIX Short Term Futures ETN","SDOW":"三倍做空道指30ETF-ProShares","SPGP":"Invesco S&P 500 GARP ETF","TVIXF":"VelocityShare每日2X VIX短期ETN-CITI","VIXM":"波动率中期期货ETF-ProShares","SPYB":"Tradr 2X Long SPY Weekly ETF","SCHX":"Schwab US Large-Cap ETF","VIXY":"波动率短期期货指数ETF","SPHD":"标普500高股利投资组合ETF-PowerShares",".IXIC":"NASDAQ Composite","SPHQ":"Invesco S&P 500 Quality ETF","SPY":"标普500ETF",".DJI":"道琼斯","MOAT":"VanEck Morningstar Wide Moat ETF","SPYM":"投资组合标普500指数ETF-SPDR","IVW":"标普500成长股指数ETF-iShares","QMAR":"FT Vest Nasdaq-100 Buffer ETF - March","UDOW":"三倍做多道指30ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SPXS":"三倍做空标普500ETF-Direxion","QDEC":"FT Vest Nasdaq-100 Buffer ETF - December","OEF":"标普100指数ETF-iShares","NJAN":"Innovator Growth-100 Power Buffer ETF - January","DXD":"两倍做空道琼30指数ETF-ProShares","ITOT":"安硕核心标普全美股市ETF-iShares","PSQ":"做空纳斯达克100指数ETF-ProShares","SPLV":"Invesco S&P 500 Low Volatility ETF","USMV":"美国最小波动率ETF-iShares","NJUL":"Innovator Growth-100 Power Buffer ETF - July","VXZ":"中期波动率指数期货ETN","SSO":"2倍做多标普500ETF-ProShares","SCHG":"Schwab U.S. Large -Cap Growth ET","UPRO":"三倍做多标普500ETF-ProShares","YSPY":"GraniteShares YieldBOOST SPY ETF","VXX":"短期VIX期货ETN","RSP":"平均加权指数ETF-Rydex S&P","DDM":"2倍做多道指ETF-ProShares","SPMO":"Invesco S&P 500 Momentum ETF","RSPA":"Invesco S&P 500 Equal Weight Income Advantage ETF","BMAY":"Innovator U.S. Equity Buffer ETF - May","JEPI":"JPMorgan Equity Premium Income ETF","VIX":"标普500波动率指数","SCHB":"Schwab US Broad Market ETF","SFY":"SoFi Select 500 ETF","VV":"Vanguard Large-Cap ETF","IVE":"标普500价值指数ETF-iShares","HIBL":"Direxion Daily S&P 500 High Beta Bull 3X Shares","XYLD":"Global X S&P 500 Covered Call ETF","HIBS":"Direxion Daily S&P 500 High Beta Bear 3X Shares","SMAX":"ISHARES LARGE CAP MAX BUFFER SEP ETF","RSPN":"Invesco S&P 500 Equal Weight Industrials ETF","SPXL":"三倍做多标普500ETF-Direxion","SQQQ":"纳指三倍做空ETF","MMAX":"iShares Large Cap Max Buffer Mar ETF","VEU":"Vanguard FTSE All-World ex-US ETF","NOBL":"ProShares S&P 500 Aristocrats ETF","TSPY":"TappAlpha SPY Growth & Daily Income ETF","ETFT":"Fundsmith Equity ETF","NOCT":"Innovator Growth-100 Power Buffer ETF - October","QQQ":"纳指100ETF","RSPU":"Invesco S&P 500 Equal Weight Utilities ETF","DOG":"道指ETF-ProShares做空","XLF":"金融ETF","XDTE":"Roundhill S&P 500 0DTE Covered Call Strategy ETF","GSLC":"Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF","BK4588":"碎股","SVIX":"1倍做空短期期货恐慌指数ETF","NAPR":"Innovator Growth-100 Power Buffer ETF - April","XLG":"Invesco S&P 500 Top 50 ETF","SPYV":"SPDR Portfolio S&P 500 Value ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SVOL":"Simplify Volatility Premium ETF","SPYU":"MAX S&P 500 4X Leveraged ETN","DIA":"道琼斯ETF","SPUS":"SP Funds S&P 500 Sharia Industry Exclusions ETF","VUG":"成长股指数ETF-Vanguard MSCI","GPIQ":"GOLDMAN SACHS NASDAQ 100 CORE PREMIUM INCOME ETF","SVXY":"做空波动率指数短期期货ETF-ProShares","VBK":"美国小盘成长股ETF-Vanguard","GPIX":"GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF","SPUU":"Direxion Daily S&P 500 Bull 2x Shares","DBSC":"Deepwater Beachfront Small Cap ETF","SPDN":"Direxion Daily S&P 500 Bear 1X Shares","QQQM":"NASDAQ100指数ETF-Invesco","VOOG":"Vanguard标普500成长ETF","VTV":"Vanguard Value ETF","VOO":"Vanguard标普500ETF","SPYQ":"2倍做多SPY Quarterly ETF-Tradr","IJH":"标普中型股400指数ETF-iShares","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","TQQY":"GraniteShares YieldBOOST QQQ ETF"},"source_url":"https://wallstreetcn.com/articles/3771826","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2633487386","content_text":"当标普500指数屡创历史新高之际，一个关键板块的持续缺席正在向市场发出警告。美股金融板块今年以来已累计下跌约6%，而标普500指数同期上涨7%，并在过去17个交易日内14次收于历史高位。这一罕见背离引发部分市场人士警惕——类似的信号曾在互联网泡沫破裂和2008年金融危机前夕出现。Brown Technical Insights创始人Scott Brown表示，\"美国股市离不开金融板块的支撑\"，历史表明金融股至少需要参与上涨行情，而当前它们连参与都谈不上。私人信贷市场的隐忧被认为是金融板块承压的重要原因之一。SimCorp全球投资决策研究主管Melissa Brown指出，金融体系高度互联，相关风险\"有可能比目前预期的扩散得更广\"，需要密切关注。尽管摩根大通、美国银行和富国银行等大型银行在4月均公布了强劲的季度业绩，金融板块的颓势依然未能扭转。技术面背离：XLF跌破200日均线Scott Brown指出，金融板块的技术面信号尤为值得警惕。追踪金融板块的State Street Financial Select Sector SPDR ETF（XLF）不仅在标普500创新高期间持续下跌，还始终运行于200日移动均线之下——后者被广泛视为判断长期趋势的重要参考。历史数据显示，在此前32次标普500创新高而XLF同时位于200日均线以下的情形中，一个月后标普500有29次出现下跌，平均跌幅达3.3%。六个月后，标普500有18次下跌、14次上涨；一年后虽有17次上涨、15次下跌，平均涨幅4.6%，但下跌区间最大跌幅高达41.5%，显示下行风险不对称地偏大。此外，在标普500全部11个SPDR行业ETF中，XLF是目前唯一一个价格与50日均线均低于200日均线的板块，这意味着金融板块在短期和长期趋势上均处于弱势。从相对表现来看，情况同样不容乐观。据FactSet及MarketWatch数据，自XLF于1998年12月22日成立以来，该ETF相对于标普500的表现已跌至历史最低水平。这意味着，金融板块当前相对于大盘的弱势程度，已超过新冠疫情冲击期间和2008年金融危机期间，更远差于2000年互联网泡沫破裂之初的水平。这一极端的相对弱势令部分分析人士感到不安。历史先例：金融板块曾两度提前预警金融板块之所以被视为领先指标，在于其作为经济流动性提供者的核心地位。企业需要借贷来扩张业务，银行则通过放贷获利。一旦信贷条件收紧或借贷意愿下降，经济与股市往往随之承压。历史上，金融板块曾两度在大盘见顶前发出预警。互联网泡沫破裂前，XLF相对于标普500的走势于1999年4月开始走弱，距标普500最终见顶约早11个月；2008年金融危机前，XLF于2007年2月开始发出警示信号，距市场顶部约早8个月。面对上述信号，Scott Brown的建议是审慎而非激进。他表示，在当前市场中判断顶部并不容易，转为看空也颇为困难，因为这类警示信号有时会持续很长时间才被市场消化，甚至最终未必成真。不过，他建议投资者或许可以考虑逐步\"减持芯片股\"，而非继续追涨，更不宜向市场加注新资金。摩根大通CEO Jamie Dimon此前曾将去年底浮现的私人信贷问题比作\"蟑螂\"——见到一只，背后可能还有更多——尽管他同时表示相关问题可能不具系统性风险，市场对此警告的反应总体平淡。但在金融板块持续发出异常信号的背景下，这一警告或许值得重新审视。","news_type":1,"symbols_score_info":{"161125":0.87,"VXX":0.6,"QQQX":0.6,"ACWI":0.6,"SH":0.6,"USMV":0.6,"GPIX":0.6,"SFY":0.6,"SQQQ":0.6,"DDM":0.6,"IJR":0.6,"VTV":0.6,".SPX":2,"SVIX":0.6,"TSPY":0.6,"RSPN":0.6,"SCHG":0.87,"NOCT":0.6,".DJI":2,"VIXY":0.6,"HIBL":0.6,"NJAN":0.6,"MMAX":0.6,"JEPI":0.6,"VV":0.6,"QQQM":0.6,"SPYU":0.6,"ESmain":2,"NAPR":0.6,"UVXY":0.6,"RSP":0.6,"DBSC":0.6,"SMAX":0.6,"VEU":0.6,"RSPU":0.6,"SPXL":0.6,"IVW":0.6,"HIBS":0.6,"UDOW":0.6,"SPYB":0.6,"QMAR":0.6,"VXZ":0.6,"NJUL":0.6,"XYLD":0.6,"VIXM":0.6,"SPYD":0.6,"XDTE":0.6,"XLG":0.6,"SPYQ":0.6,"IVV":0.6,"VIX":2,"QLD":0.6,"DMAX":0.6,"SPHQ":0.6,"QID":0.6,"YSPY":0.6,".IXIC":2,"VOO":0.6,"SDS":0.6,"SPMO":0.6,"TVIXF":0.6,"DXD":0.6,"OEF":0.6,"QQQ":0.6,"TQQY":0.6,"IJH":0.6,"TQQQ":0.6,"DOG":0.6,"VIXmain":2,"IVE":0.6,"SPXU":0.6,"VYLD":0.6,"SPUU":0.6,"SVXY":0.6,"GSLC":0.6,"XLF":1.95,"SPDN":0.6,"DIA":0.6,"SSO":0.6,"ALLW":0.6,"SPYV":0.6,"SCHX":0.6,"SPYI":0.6,"SPLV":0.6,"VOOG":0.87,"RSPA":0.6,"BMAY":0.6,"VYM":0.87,"NQmain":2,"SDOW":0.6,"VBK":0.6,"MOAT":0.6,"SPHD":0.6,"SPYG":0.6,"SPYH":0.6,"NOBL":0.6,"GPIQ":0.6,"SPY":0.6,"PSQ":0.6,"QDEC":0.6,"ETFT":0.6,"SVOL":0.6,"ITOT":0.6,"VUG":0.87,"SCHB":0.6,"SPYM":0.6,"SPUS":0.6,"SPXS":0.6,"VTI":0.6,"YMmain":2,"SPGP":0.6,"UPRO":0.6,"UVIX":0.6}},"isVote":1,"tweetType":1,"viewCount":29,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
