There will be an important speech tonight, which is likely to influence expectations for a rate cut in December.

To be honest, the expectation of interest rate cuts is the core variable affecting the market recently. Last week, the market's assessment of the probability of a rate cut jumped directly from less than 45% to 80%, and the sentiment shifted quickly.

However, since this morning, the market has begun to hesitate again—there are reports that Powell may announce his resignation in today's speech, and another rumor suggests that Trump intends to nominate a new Federal Reserve chairman before Christmas.

Whether it's true or false is not the point, but the funds have already started to hesitate: when uncertainty arises, emotions cool down, and prices naturally come under pressure.

At this critical moment, don't rush to go all in; it's safer to wait until the news is clearer before making a judgment.