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On December 23, the US stock market opened the traditional "Santa Claus rally", with major indices generally rising. Both gold and silver reached historic highs, and platinum also approached record levels. The cryptocurrency market surged before retreating. The S&P 500 index closed higher on Monday, erasing all losses from December and is on track for an eight-week winning streak, the longest since 2018.

This round of gains is driven by multiple factors. First, last Friday's record "Triple Witching" options expiration cleared a large number of bullish positions in the S&P 500 in the 6700-6800 range, freeing up space for stock prices to rise. The VIX volatility index fell below 15, reaching its lowest level since August, while short-term implied volatility continues to compress. Analysts believe that market makers' hedging demand has turned to follow the trend, pushing the market into a "slow climb" rhythm.

Secondly, seasonal factors provide a favorable environment, with historical data showing that the end of the year is typically a strong period for stock market performance. Additionally, investors are positioning themselves early for optimistic expectations for 2026, including accelerated GDP and corporate earnings growth, as well as the potential transformation of AI trading. Federal Reserve Governor Milan stated that if the Fed does not continue to cut interest rates next year, there is a risk of recession, and dovish remarks further boosted risk appetite. From a technical perspective, the next psychological level for the market is the 7000 points of the S&P 500. $NIL #比特币流动性
{future}(NILUSDT)