The UBS report shows that the Turbu lens index rose to the highest alert level of 1.0 on August 19th, which evaluates the potential risk of market collapse based on a combination of approximately 100 data points. The Maxwell Grinakoff team, head of US stock derivatives research at UBS, pointed out that the September Federal Reserve FOMC interest rate meeting and the November US midterm elections are key risk nodes, and the options market expects the S&P 500 to fluctuate by about 1% in a single day.