Mix cream cheese, whipped topping, powdered sugar, 5 tbsp. reserved fruit cocktail juice, and a few drops of red food coloring.
Add fruits, fruit cocktail, marshmallows and nuts. Stir.
Refrigerate overnight if possible.
Notes
NOTE: I like to blot the cherries, pineapple and fruit cocktail dry with paper towels before adding so the salad stays nice and thick and doesn't get watered down from the syrup the fruits come in.