Trump's tariff policy is crucial. The pessimistic sentiment from last week had just improved a bit, but two data points last night directly cooled the market. It has never been the data itself that undermines market confidence, but rather the actual impact of policies on vested interests.

The new tariff policy plan released by the Trump team adjusts tariffs on key goods. If this is indeed the case, it indicates a relatively moderate approach, reducing the sustained adverse effects on inflation. The service sector PMI growth announced last night indicates that the demand for business activities at the end of the year and the proactive responses to the tariff policies have led to a surge in supplier orders and inventory. This concern is a preemptive reaction, which then reflects in the data. As for sustainability, it remains to be seen. If the actual tariff policy leans towards moderation, then its impact on inflation is not threatening.

In simple terms, the sentiment in the risk market is extremely volatile; pessimism today and optimism tomorrow are common occurrences. However, there will always be a shift from an extreme to a moderate stance, and prices will gradually return from significant drops and rises to a state of fluctuation. Currently, the daily market is in such a fluctuation range of 91,000 to 100,000, with smaller levels undergoing trend reversals, seeking key support and resistance. Proper order management is crucial in responding to this situation. #市场关注美国非农数据