Recent emotions are clearly dominating, and excessive FOMO is not recommended. If your current position is not high, it may be wise to stay on the sidelines and watch rationally.

Structurally, on one hand, some quality semiconductor and AI leading companies have decent odds in the current valuation range, providing mid-term allocation value;

On the other hand, there are still uncertainties at the macro level — the Federal Reserve lacks substantial policy space in the short term, and the negative impacts from previous tightening may gradually reflect in the real economy in the future.

The index is approaching the upper range of my perceived valuation limit; at the current level, the overall attractiveness is limited.

If this year's S&P 500 corporate earnings growth (EPS) is below 5%, how many times PE valuation is the market willing to offer? This is a question that every investor needs to consider at present.