The short-term fluctuations in the U.S. stock market will not change the medium-term upward trend. It is currently in the early stage of the growth cycle, the profit expected turning point is upward, and the elasticity of small-cap stocks is outstanding. Liquidity fluctuations have strengthened expectations for interest rate cuts, and technical support has been supported by the 100-day moving average. Momentum stocks are expected to rebound in December. The target range of the S&P 500 is 7,000-7,800 points, which is the right time to plan for dips.