Core Viewpoint - The U.S. stock market has experienced an unexpected strong rebound, with the S&P 500 index rising 14% in just one month since hitting a low on April 8 [1]. Group 1: Market Dynamics - The recent rally has been primarily driven by retail investors who are aggressively "bottom-fishing," while institutional investors have largely exited the market due to concerns over economic slowdown and trade tensions [3][6]. - Retail investors have been net buyers of stocks for 21 consecutive weeks as of May 2, marking the longest buying streak since 2008 [6]. - Institutions are facing pressure to re-enter the market as they have missed out on the rally, leading to a potential "short squeeze" scenario [7]. Group 2: Institutional Investor Sentiment - Many institutional investors remain cautious, holding approximately 40% cash, and are only reluctantly starting to buy undervalued stocks [6][7]. - The volatility in the market has decreased, which may compel institutions to increase their market exposure despite their cautious stance [7]. - Concerns about the Federal Reserve's monetary policy path remain a significant worry for institutional investors, contributing to a divided outlook on the sustainability of the current rebound [9]. Group 3: Technical Analysis - The S&P 500 index is still 7.9% below its historical high from February 19, and it needs to recover above 6000 points to regain a key upward trend line established since October 2022 [10]. - Analysts suggest that if the S&P 500 reaches 5800 points, it could trigger short-term buying from trend-following funds [8].