Last time, it failed to break through effectively around 92,000 and dropped again, stabilizing near 84,000. After a brief adjustment, it quickly rebounded to around 92,000. Whether it can break through this time directly determines the strength of the December rebound! In December, the Fed officially ends QT. This round started in June 2022 and will finally conclude in December 2025, lasting three and a half years. The balance sheet reduction is finally over. As of now, stopping QT + rate cuts is a long-term positive. I’m even more confident about next year’s market!