Tonight at 21:30, the global markets will face the "Ultimate Judgment"! Last night, Powell announced rate cuts and balance sheet expansion, but the market surged then pulled back, with Bitcoin and Ethereum plunging simultaneously. This indicates that optimism has been overextended, and positive news has turned into negative. Powell also stated that the Federal Reserve will return to a data-dependent approach. The US initial jobless claims for the week ending December 7th, to be released tonight, is the first key data point and can be called the market's "Judgment Day." The current employment market is the key to the door, and initial jobless claims are the "thermometer" measuring its health. The expected value of 220,000 is a critical psychological threshold. If the actual number is less than 220,000, the labor market is resilient, the Fed's rate cut threshold is raised, and a sell-off wave may occur, putting pressure on risk assets; if greater than 220,000, it confirms a cooling employment market, and risk assets may rally wildly. However, a bigger dark cloud—possible rate hikes by the Bank of Japan—is approaching, tightening global liquidity. In the "data dependence" guessing game, any data below expectations could be the straw that breaks the camel's back. Tonight, don’t focus on just one number; it will set the tone for at least a month of trading. Buckle up, this will be a battleground of bulls and bears, with a rebound possibly being the last chance for short positions to add or longs to escape the top! $SOL $BNB $XRP