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Huifeng (HSBC) strategy analyst Kate Na stated: "I expect that one to one-and-a-half months after the earnings season concludes and as the midterm elections approach, it will be an appropriate time to moderately reduce positions for risk hedging."

We know that US midterm elections generally take place in November of the second year of a US President's term, which is still 3-4 months away. Academically, we typically use the CBOE Skew Index to measure the market's expectation for tail risk in the S&P 500 index over the next 30 days. This value usually falls within the 100-150 range. Currently, Google shows this value at 146.05, likely due to recent market declines. If this value, when viewed together with the VIX, truly stands above 150 or if the VIX25-30 exceeds 30, it could be driven by uncertainty surrounding the midterm elections. It would still be timely to reduce positions then. Following the recent rebound, focus closely on some CBOE or other volatility indicators.

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