Secondly, what are the conditions for a bull market to start? What are the conditions for a bear market to start?

Many people are used to judging bull and bear markets by price fluctuations, which is not wrong, but simple price judgment is difficult to provide accurate guidance when prices fluctuate. So let's first talk about the conditions required for a bull market.

1. A loose monetary environment.
2. Low interest rates close to zero.
3. Quantitative easing and/or balance sheet expansion.
4. The economy is developing in a positive direction.
5. The US dollar index (DXY) fell.
6. Government policy stimulus.

Last week, the main US markets fell back to the level seen before Trump's election victory last November, which had initially been welcomed by investors due to hopes of tax cuts and lighter regulation.