Tonight's CPI is a do-or-die night! Is the market a deep correction or a bull trap? 1. S&P 500 (SPY): The overall trend remains bullish. Monday saw a significant recovery in risk appetite, and short-term momentum is bullish. However, structurally, this is a correction after a deep correction from high levels, not a new trend. 762-766 is the watershed between bulls and bears, and tonight's CPI is crucial. The 61.8% Fibonacci retracement level at 763 is right above; a significant volume breakout above 762-766 is necessary for a true correction. 2. Nasdaq 100 (QQQ): Monday saw a large volume bullish candle, recovering more than half of Friday's gains. While the stock price has begun to rebound and has regained its position above short-term moving averages, indicating a short-term recovery, the medium-term outlook remains weak. A bottom may have formed. Avoid betting on the bottom all at once; instead, consider a three-phase entry: buy a portion now, add to the position on a pullback to 580-628, and if a deeper panic sell-off occurs, consider a final purchase at 426-506. 3. Semiconductor ETF (SMH): The semiconductor sector finally saw a strong rebound at a key support level, indicating that there is indeed buying support below. The trend is still bearish, but the downward momentum is weakening. Monday's rebound volume was genuine, with a large bullish candle engulfing Friday's upper shadow. Short-term charts show a bullish alignment, with the first resistance level at 513.9. The 4-hour chart is strong, while the daily chart is weak; only trade on pullbacks, do not chase the current price. Large bullish candle rebound with high volume!