There may be three potential trends tonight:

1. If Powell clearly signals a rate cut in September, it will be positive for the market, and a rebound is expected with a probability of 20%.

2. If Powell states that it is not appropriate to cut rates at the moment, but vaguely hints at a tendency to cut rates, it is also positive, with a probability of 50%.

3. If Powell does not release any expectations for a rate cut at all, or if his stance becomes more hawkish, the market may experience another downturn, with a probability of 30%.

After rational analysis, it is recommended to wait and see. For spot trading, consider buying in batches at the bottom, while contracts can only take short positions and wait for the situation to reverse.