As for whether there will be a "bull market" in the second half of the year, there is no need to speculate too much. The possibility of interest rate cuts seems a bit far off; at least in May, it is clear that there will be no cuts. Since the time interval is long, there could be changes. If inflation unexpectedly rises due to factors such as increased tariffs, then interest rate cuts would be out of the question. In that case, it would basically be 100% confirmed that 110000 is the highest point in this round. Even if there are two interest rate cuts as expected, it won't rise much higher, and it may not even exceed 100,000 or 110,000 again, because the low point in May-June may very well have already dropped to between 60,000 and 70,000. As a rational trader, this is my opinion.