At the Fed's interest rate meeting tomorrow, the market generally expects more than just a regular 25 basis point rate cut. More importantly, Powell may release a signal at the press conference - there is news that QE bond purchases of $45 billion per month may be restarted in January 2026, plus short-term repurchase operations to cooperate with liquidity delivery. If this is really implemented, it is basically a policy combination punch played before the end of Powell's term, which is equivalent to drawing a framework for next year's monetary environment in advance.

Looking back at the recent trend, it is actually quite in line with the expected rhythm: yesterday's pullback continued to be under pressure in early trading today. According to this logic, after the press conference at 2:30 p.m. tomorrow, market sentiment is likely to reverse directly, and it is not surprising that there will be a wave of rapid pull-up to break through the previous high.

My personal opinion is more direct: if you are confident in some of the targets in your hand, the pullback in the past two days is an opportunity. The more you fall, the cheaper you can get chips, and the logic of low absorption is often more effective at the node of this policy expectation shift.