Tonight, the US market will face three hurdles simultaneously.

First, employment. If non-farm payroll data continues to weaken, don’t assume it’s just short-term volatility—this is a clear signal of real economic bleeding. Slowing growth and increased layoffs are right there in the data.

Second, tariffs. If the ruling is overturned, it won’t mean immediate payments, but the market will start recalculating right away. Once risk reassessment begins, the chain reaction will quickly spread to asset pricing.

Finally, high-level attitudes. The Treasury Secretary and Trump have been speaking frequently lately, which is no coincidence. The frequency and tone of their statements are sending signals.

You need to understand the market’s playbook—it's never about waiting for the results to come out before acting, but about positioning early and betting in advance. Everyone is guessing policy directions; smart funds are already tightening positions or testing the waters.

Tonight’s volatility may not immediately determine the market’s direction, but it will leave traces. These "traces" will be the real reference points in the coming days. By carefully observing changes in trading volume and liquidity jumps, you can see who is positioning early.