Recently, there has been a strange phenomenon in the market: every morning at 10 a.m. (UTC+8), there seems to be a consistent selling pressure. Today’s rally coincided with an important external factor—rumors and discussions about market makers like Jane Street facing legal litigation pressure.

My view is that the “10 o’clock sell-off” is most likely a behavioral pattern of specific market makers or institutions under certain regulatory pressures. If the lawsuit against Jane Street truly led them to adjust their strategy or suspend some high-frequency selling operations, then this artificially created selling pressure would naturally disappear. But this doesn’t mean the “market sell-off” is completely over; it only suggests that a short-term, programmed bearish factor may have been alleviated. The market has returned to a more natural supply and demand game, clearing the first obstacle to an upward move.