However, based on current data, retail investors are still crazily buying the S&P 500. It can be clearly seen that during the week when the S&P 500 fell, there were signs of a large number of bottom fishing by retail investors, and the amount of funds bought almost every day was increasing. Even in the past year, it can be seen that the buying sentiment of retail investors has been very high. During the sharp decline in April, retail investors erupted with unprecedented amounts of funds to buy at the bottom. Of course, this group of retail investors is currently profitable. In addition, it can also be seen that regardless of price fluctuations, there is a large amount of funds entering the market from retail investors. This indicates that retail investors have shifted from peripheral funds to dominant increments. They are no longer just chasing the rise in the latter half of the market, but treating the index as long-term savings. Now, it is becoming more and more like "retail investors+passive funds" providing continuous buying, while institutions are doing risk management and position correction above. As long as there is a sustained net inflow of retail investors, it is difficult for the index to experience a completely out of control unilateral collapse, because every pullback will naturally trigger a buying relay, and prices will be continuously lifted. So when we look at the strong buying of individual investors and the historical low in cash of fund managers together, the upward trend of the market structure depends on individual investors continuing to buy, external incremental funds continuing to come in, and avoiding sudden setbacks. The downside risk is not whether retail investors are still buying or not, but whether there will be an event that makes retail investors hesitant to enter the market, such as an economic recession. Once this situation occurs, institutions are unwilling to bear it due to low cash and tight risk budgets, and the speed and magnitude of the pullback will be extremely large. @bitget VIP， Lower rates and more generous benefits