The bears finally breathe a sigh of relief. The start of 2026 has indeed been a profitable wave for short sellers. Looking at the market trend from the beginning of the year, after repeatedly testing the key resistance level, the short positions broke through completely, triggering a chain reaction that drove the entire market down. This round, the stop-loss orders of the bulls and the take-profit orders of the bears collided, forming a beautiful V-shaped reversal. Looking back, the long-suppressed bearish sentiment last year was fully released during the year-end rally — this is the market's cyclical rotation.