Looking at the Federal Reserve's recent balance sheet changes, it's clear that the easing cycle has basically come to an end. This is quite interesting—when everyone starts shouting about easing and is optimistic about liquidity, the main upward wave of this market cycle has already ended. Capital speculation has never been about reality, but about expectations for the future. Once these expectations become a consensus, it actually signals a market top. Those who understand this logic are often better at discerning the market rhythm.