In this wave of US stock market adjustment, I personally pay more attention to the Nasdaq than the S&P, and many people say that the magnitude of the S&P adjustment is not large enough. If you look closely at the constituent stocks of the two indexes, you will find that one of the main reasons for this round of US stock adjustment is to focus on the valuation of technology stocks (previously, it was said that technology stocks were not considered foam, but they were really too expensive). There are a large number of energy, consumer and financial stocks with PE below 15 times in the S&P 500 constituent stocks. From this perspective, the adjustment range of S&P in this round should be smaller than that of the Nasdaq.