Many people are asking this morning if the bull market is over. The bull is still here. The trend has not reversed. The Federal Reserve's third rate cut is a positive sign, but Powell has expressed a hawkish outlook on next year's rate cuts, indicating that there may be only two rate hikes next year. However, whether it will be two hikes or multiple is not solely up to Powell; it ultimately depends on changes in the inflation rate. The market is sensitive and has over-interpreted this statement as negative. This will digest over two days, and how it rises after the small to medium indicators are repaired will remain unchanged.

Japan is not raising interest rates today, effectively postponing it until after March next year. The mid-term trend maintains the view that there will not be a deep adjustment from December to March.