According to CoinMeta, as reported by A early issuer of in in 2021, JPMorgan Chase's market intelligence team has downgraded their tactical view on U.S. stocks to cautious/neutral, expecting the index to remain volatile over the next 2-3 weeks, with increased fluctuations in sub-indexes and individual stocks. The fundamentals of the U.S. economy and corporate earnings remain strong, so the adjustment is more towards short-term risk management. The implied probability of a September interest rate hike in the bond market has risen from about 35% to 58%. The jpmpure momentum index has fallen by more than 21% from its June high, and the classic momentum index has dropped nearly 34%, exceeding the typical drawdown range of 10%-15%. The U.S. tpm is at the 37th percentile and is expected to be volatile over the next 3-4 weeks. In the next phase, it will be necessary to observe inflation and interest rate hike expectations, credit spreads, as well as the speed of momentum clearing. Stocks that are highly crowded and rely on momentum to drive their performance will face greater internal volatility.