Tonight Powell's speech may present the following 3 scenarios

(1) Powell releases a clear signal for a rate cut in September, which would be positive and sound the horn for a counterattack, with a probability of 20%

(2) Powell says it is not appropriate to cut rates now, but will slightly hint at a future rate cut, which would also be positive, with a probability of 50%

(3) Powell releases no expectations for a rate cut at all, and even strengthens hawkish sentiments, which could lead to another decline, with a probability of 30%

Rationally speaking, it is better to wait and see; if in spot trading, then gradually buy the dips, as for contracts, only take needle-insertion positions, waiting for the situation to reverse