It is recommended to closely monitor two key signals:
1) Powell's statements on the balance sheet reduction process; currently, market volatility mainly depends on capital flows and sentiment. Tomorrow morning's interest rate meeting and Powell's speech are crucial. A rate cut in May seems unlikely, but whether Powell's remarks are dovish or hawkish will directly impact market trends.
2) The intensity of the long-short game in the 98k-10k range, nighttime volatility premium opportunities may be greater than directional risks.
