The overnight pancake has once again fallen below 10,000 points, with some happy and others worried. How will it go next? Personally, I believe that the current bottom may not be the real bottom, and this needs to be watched closely, especially with today's interest rate decision. If interest rates are raised, then during the afternoon when the Japanese stock market opens, there could be a flash crash and circuit breaker, making the probability of a waterfall decline very high.

Currently, the market remains extremely unstable, and it has shown a top divergence. Coupled with Chairman Powell's speech, hawkish remarks, and journalists' questions, the Hang Seng index is converging at the daily middle track around 98,800. If this defense line is breached, the bears may sweep through again. For the medium and long term, pay attention to the previous low around 94,000 for a potential pullback.

For the short term, still pay attention to risk control in operations.