Currently, there is a significant divergence in the market's view on the future direction of the Fed's monetary policy, and this divergence is dominating the current market trends. It is worth noting that the current market trends are not solely dependent on economic data, but rather more on the game of expectations and timing.

On the one hand, firm bullish investors believe that a rate cut in September is a done deal. They trust that the market is positioning itself in advance for this, hoping to drive a significant upward trend fueled by rate cut expectations. These investors are actively participating in the market, trying to push stock prices up ahead of the rate cut.

On the other hand, the cautious bears hold a different view. They expect that before any actual interest rate cuts, the market may experience a wave of correction to clear out some profit-taking. These investors believe that only after the rate cut policy is officially implemented will the market welcome its final surge, which may subsequently signal the end of this bull market.

This divergence reflects investors' differing expectations of market trends and highlights the current complexity of the market. Whether bullish or bearish, they are formulating investment strategies based on their own judgments of the economic situation and policy direction. In this context, investors need to be more cautious and closely monitor economic data and policy signals to adjust their investment strategies in a timely manner.

The future market trends remain to be further observed. However, it is certain that the Fed's policy decisions will continue to be one of the key factors influencing the direction of the market.