On September 9th, the US stock market: The test has arrived, and both SPY and QQQ are approaching critical support Because although the index has been fluctuating at a high level a few days ago, it is now approaching the support zone. The short-term focus should be on whether these key supports can be held or not. The medium and long-term bullish structures of SPY and QQQ have not been disrupted, but short-term downward movements can be strengthened. The next few days will determine whether mid September is just a normal correction or will evolve into a deeper adjustment. SPY: 756-760 is the last important line of defense for bulls SPY has already fallen below some short-term moving averages and weak support from the sideways consolidation a few days ago, and is now approaching the core area of 756-760. This is supported by the preliminary structure and is also a key position for whether the bulls can maintain their current pace. If SPY can stabilize around 756-760 and there is a clear rebound, long-term downward trend, or increased volume to stop the decline later, then it is still a normal rebound, and the logic of re challenging the previous high is still valid. But if 756 is effectively breached, the next band target should look towards the vicinity of 725-730, which means there is still 4% -5% room for further adjustment. However, even if it really reaches 725, it will not directly define a growth bear market reversal, because from a weekly perspective, the high-level Higher High and Higher Low structures are still performing well, which is a deep wash at the weekly level. So far, there has not been a particularly clear bottom signal for the daily chart. QQ: 700 is the most critical watershed for the entire technology stock market QQQ is currently slightly stronger than SPY, mainly due to the good relative strength of semiconductors and AI Infra in recent days. Therefore, the index is still fluctuating around the daily EMA 20 and has not broken the level. There is a very important location 700 below. This position is not only a gap in the front, but also very close to the weekly EMA 20, so it is a double period resonance support of daily and weekly lines. As long as QQQ can maintain its position in the 700-702 range, I believe the medium-term structure of technology stocks can be sustained, especially in strong areas such as semiconductors, storage, optical communications, and AI infrastructure, where there is still room for further rotation. At present, it is still in the oscillation range of 700-730.