Keep a close watch on the 20:30 PCE data tonight. This is a core inflation indicator and will directly determine whether the market can sustain its rebound. There are many voices in the market betting on a rate hike by year-end. My personal view is that the probability of a rate hike is low, and tonight’s data is more likely to be favorable to the upside. The fundamentals should have been somewhat bearish, but U.S. data often has room to be revised, which can easily release positive signals. After yesterday’s sharp sell-off, there is limited room for further deep declines. Tonight, don’t try to predict whether it will rise or fall subjectively—enter strictly with a stop-loss in place.