Core Insights - Analyst Adam Button indicates that since the "tariff day" low, the market has shown a pattern of stabilizing and then buying on dips whenever there is a downturn [1] - Recent market behavior has been inconsistent since late October, with momentum appearing and disappearing intermittently [1] - Concerns are raised regarding anxiety triggered by large-scale cloud computing companies ahead of Nvidia's earnings report, as well as expectations of tighter monetary policy from the Federal Reserve [1] - Despite Powell's statement on October 30 suggesting that a rate cut in December is unlikely, the market did not react with selling, which was expected [1] - The market took two weeks to price in the likelihood of a December rate cut, which has now decreased to 36% [1] - The recent market decline appears to lack any specific news event as a catalyst [1]