In just one weekend, the risk appetite of the entire market has undergone a significant change. In the morning, U.S. stock index futures opened lower, as if the market is preparing for the next short-term narrative!

It has been mentioned before that after a big rise, there are no positive catalysts, and after a big drop, there are no negative catalysts;

Essentially, this is still discussing the leading impact of narratives on market prices. Many times, prices do not rise simply because of positive news, but because prices have already increased due to expectations of good news under the influence of information asymmetry;

And when the positive news is actually announced, the price has already completed this round of repricing, creating an illusion of 'no rise despite good news';

Still, the saying goes, prices reflect current expectations, not facts.