There are several key macroeconomic data points to watch this week, with the most important undoubtedly being the non-farm payroll report on Tuesday evening.

First, let's discuss the data itself. The unemployment rate for September was 4.4%, with 119,000 new non-farm jobs added. However, this release is somewhat special—both the October unemployment rate and non-farm payroll data are missing.

Why is that? The reason is an unprecedented government shutdown in U.S. history. The U.S. Bureau of Labor Statistics was unable to collect household survey data during the shutdown (which is the basis for calculating the unemployment rate), so October's data could not be gathered. Even more problematic, these data cannot be retrospectively collected. As a result, the BLS decided to merge the originally scheduled October non-farm report into the November data for release.

In other words, the non-farm payrolls and unemployment rate announced tomorrow are actually a combined figure for October and November. This indeed increases the data's volatility and points of interest.

From a market outlook perspective, considering the Federal Reserve's stance at the December 9 meeting and Powell's comments on the labor market, the probability of the upcoming non-farm data being positive is quite high. If the data indeed exceeds expectations and is favorable, coupled with the Fed's monthly $40 billion technical balance sheet expansion—though strictly speaking this isn't quantitative easing, it does increase market liquidity—this will provide noticeable support for stocks and cryptocurrencies.

Historically, whenever liquidity increases and employment data improves, risk assets tend to rally. The combination of factors this time seems quite friendly to risk assets.

Whether November's new jobs can exceed 150,000 is a key indicator to watch. Although the probability is very low, if it does happen, it could give a stronger boost to the market. Overall, tomorrow's data release warrants close attention.