The market has rebounded to some extent following the peace plan. VIX has also dropped, indicating that the market perceives reduced uncertainty about the future. Currently approaching the starting point around the 20 level. Keep an eye on the starting point at 19.6-20 and the changes in VIX candlesticks to gauge shifts in expectations. However, from a macro perspective, this is only pricing in the U.S.-China peace plan. For the market to officially exit the defensive phase, liquidity needs to be replenished.