From Friday night at 8:30 PM when it dipped to 80,600 until now, it's been the third day of stabilization. But since two of those days were the weekend, we can't simply conclude that it's firmly bottomed out yet. Especially considering that from Thanksgiving this week until New Year's, it's the traditional holiday season in Europe and the US. This wouldn't matter much during the strong rallies of 2023 and 2024, but in the current overall weak market, it has to be taken seriously. So, whether the rebound in risk markets can continue depends on closely watching events that could influence December rate cut expectations: First, will the PCE data be released or not? Initially delayed to November 26 due to the government shutdown, the release of the PCE data is now uncertain again. Second, this week marks the last window for Fed voting members to make public statements before the "blackout period" leading up to the FOMC meeting from December 1 to December 10, during which they are prohibited from making any market-moving comments. So, keep a close eye on whether there will be another dramatic pivot like Williams' 180-degree turn. If the CME's probability of a December rate cut rises from the current ~70% to ~90%, the market will put real money into that 20% probability gap. For example, if 30% equals 80k, 70% equals 88k, then 90% could mean 100k. But if the tone turns hawkish again and the probability drops back to 30%, the fragile support that just formed might get knocked down again. In short, keep a close watch. After all, Williams' one statement caused a 10% rebound, which was enough for many people to make a decent profit.