Important economic data will be announced tomorrow at 9:30 PM. The official manufacturing PMI data for April will be released. This is the first important economic data for the first month since the trade war began, and it is very significant.

According to rumors, the PMI for April will definitely be below the 50 mark, but it is still necessary to check the data. This is because the consensus of retail investors is also a form of consensus; often, the truth is not the most important thing, but rather the market's perception is key. If the data released tomorrow is 50, or even 51 or 52, and institutions, speculative funds, and retail investors all believe this data, and everyone chooses to continue buying or at least not to sell off significantly, then the market will not crash in the short term due to this negative news.

So, will institutions and speculative funds remain inactive even if the PMI data is below 50? This is also possible, because the worse the fundamentals are, the more likely it is to trigger unexpected policy measures. Data is important, but what matters most is how the market interprets it.