The weekend pancake market has started to pull back, and the short-term trend is clearly weak. The Federal Reserve just stated that 'it does not consider cutting interest rates this month', and market expectations immediately cooled down, putting all risk assets under pressure. Even more stimulating is that Trump has jumped out again to stir things up, announcing a 30% tariff on EU and Mexican goods, which directly amplifies the uncertainty in the global market.

From a technical perspective, 115990 is a key level. If it cannot be held, it may continue to decline. Right now, the bulls have shown no signs of improvement, and the rebound is also weak. It is still recommended that everyone operates cautiously, avoids impulsiveness, and pays attention to risk control.