The economic calendar this week is simply explosive, with several heavyweight data releases clustered together, and the liquidity exhaustion caused by the Thanksgiving holiday makes it very likely that the market will move in a clear direction.

First, let's talk about the most critical point—on Tuesday, the U.S. will announce the retail sales data for September, which is jokingly referred to in the industry as "terrifying data." It's important to note that consumer spending accounts for 70% of the U.S. GDP, and if this number comes in colder than expected or exceeds expectations, the sentiment across the entire risk market will shift accordingly. On the same day, there is also the PPI (Producer Price Index), which is a key indicator for observing upstream inflationary pressures and can provide early insights into whether price trends will continue to cool.

The main event on Wednesday is the core PCE data. Since there is no CPI release this month, PCE has become the sole reference for the Federal Reserve to assess the 2% inflation target, which carries significant weight. Additionally, initial jobless claims will also be released, as the temperature of the job market remains one of the key concerns for policymakers.

By Thursday morning, the Beige Book will be officially released. This report summarizes the results of field research conducted by regional Federal Reserves on businesses, including the real economic temperature, employment conditions, price change trends, and more. During the data vacuum period, its reference value will be significantly amplified by the market.

As for Thanksgiving itself - the US stock market will be closed on Thursday, and will close three hours early on Friday. With a sudden drop in liquidity, the crypto market can easily experience large fluctuations with low volume, and the market sentiment may be severely amplified. At this time, risk control awareness must be heightened.

Monday is relatively calm, with only the Dallas Federal Reserve's Business Activity Index, which is a leading indicator for the manufacturing and energy sectors. On days with light data, institutions often choose to reduce their positions and wait and see, leading to a cautious market sentiment.

In summary, retail sales, core PCE, the Beige Book, and the liquidity trap during Thanksgiving are the four key points to watch closely this week. The correlation between traditional markets and the crypto market remains strong, and any data that exceeds expectations could serve as a catalyst for directional choices.