The market has not yet shown a true stop to the decline signal From a technical perspective, SPY has risen and fallen within the day, and 741 has shifted from previous support to strong resistance, currently still being suppressed by the EMA on the 21st. As long as we cannot regain our position at 741, there is a high probability that we will continue to decline towards the support zone of 725-731 in the short term. The trend of QQQ is weaker, falling below the symmetrical triangle and entering a correction. Currently, we are testing the weekly 21 week moving average, but there is still no clear signal of a stop or reversal. The closing of EMA 100 has not stabilized, and the next position is at EMA 200 648 (where there is a potential big rebound or even reversal opportunity), followed by 637. As long as the key moving average is not recovered, the adjustment trend will not change. To reverse the downward trend in the short term, it is necessary to stand back at EMA 20 and 50, and then create a higher high point above 710. Currently, it is extremely difficult and there are many obstacles above, so we will seek support downwards. Nvidia has fallen below $206 and the 21 day EMA, declaring the reversal of its head and shoulder form ineffective, and is currently testing key support at $196. If 196 falls, the next important target is EMA 200 190 and the previous shortfall of $189.66. If the rebound of EMA 200 190 here is weak, such as only rebounding to 200-205, which appears weak, then consider falling to Weekly EMA 50 186.84 and EMA 100 163. Overall, I still believe that this is a technical adjustment in a bull market, not the beginning of a bear market. But until a clear bottom signal appears, following the trend is still a strategy with a higher winning rate. Patiently wait for support levels and reversal patterns to appear. EMA 200 is a very good position for a big rebound or reversal in the game. Whether you are bearish on semiconductors, think the bull market is over, or bullish, think there will be an AI supercycle, this EMA 200 is a rebound or reversal position with very high odds.