ChainCatcher message, the U.S. stock market has opened the traditional 'Santa Claus rally,' with major indices generally rising. Gold and silver have both hit historic highs, and platinum is also approaching record levels. The cryptocurrency market, however, surged before retreating. The S&P 500 index closed up on Monday, erasing all losses for December, and is expected to achieve an eight-month winning streak, setting the longest consecutive gain record since 2018.
There are multiple driving forces behind this round of gains. Firstly, last Friday's record 'Triple Witching' options expiration cleared a large number of bullish positions in the S&P 500 within the 6700-6800 range, releasing space for stock price increases. The VIX volatility index has fallen below 15, reaching its lowest level since August, and short-term implied volatility continues to compress. Analysts believe that market makers' hedging demand has shifted to a trend-following stance, pushing the market into a 'slow ascent' rhythm.
Secondly, seasonal factors provide a favorable environment, and historical data shows that the end of the year is usually a strong period for the stock market. In addition, investors are positioning themselves in advance for optimistic expectations in 2026, including accelerated GDP and corporate earnings growth, as well as the potential transformation of AI trading. Federal Reserve Governor Milan claimed that there is a risk of recession if the Federal Reserve does not continue to cut interest rates next year, and dovish remarks further boost risk appetite. From a technical perspective, the next psychological threshold for the market is 7000 points for the S&P 500.