Recently, many people have been fixated on index fluctuations, yet overlooking a more fundamental issue—liquidity is being slowly drained away～

From the pace and duration of the Federal Reserve's balance sheet reduction, this round of global financial environment is actually not easy at all. Historically, whenever liquidity tightens continuously, markets often don't experience immediate crisis, but rather maintain high-level consolidation first, then suddenly amplify volatility at certain inflection points. Dow Theory puts it quite bluntly: true trend reversals often occur when everyone lets their guard down the most～
So from a cyclical perspective, the probability of experiencing a major-level crisis within the next year is not low. Its destructive power may not be immediately apparent, but once triggered, it often creates a chain reaction—asset prices, leverage systems, and sentiment expectations all resonate together.
Interestingly, most people often discover the risks already written into the macro environment only after the market has already started collapsing～
That's the characteristic of crises～
True danger often looks quite calm in the market～
#IXIC # S&P 500 #NVDA # CRYPTO