Christmas Eve Four Major Asset Technical Scan: Stock Market Bottoming, Forex Turning Strong, Precious Metals Eye-Catching, Ethereum Gaining Momentum

Recently, the market sentiment has undergone a major shift. The easing of the Bank of Japan’s rate hike expectations, combined with impressive earnings reports from tech giants, has significantly boosted investor confidence, leading to a sharp decline in the VIX index. Amid this wave of increased risk appetite, several mainstream assets are rebounding. Let’s analyze the current technical setups one by one.

S&P 500 Index: Bottom Confirmed, Breakthrough of 7000 Points Expected

Last Friday, the S&P 500 rose by 0.88%, reaching a high of 6840 during the session. The most notable point is that the index is now firmly above the key support level of 6790, with bullish momentum quite strong.

If 6790 can hold, the subsequent rebound space opens up, with 6900 and even 7000 points within sight. Conversely, if 6790 support is broken, watch out for a potential retest of the 6600 level.

Technical Position Reference

• Support zones: 6600, 6800, 6450 points
• Resistance zones: 6900, 7000, 7320 points

USD/JPY: Testing the 4600 Yen Level, Upward Trend Remains Intact

USD/JPY remains consolidating around 157.40, with a low of 157.23 during the session. The key is that the exchange rate continues to stay above the 157.0 mark, maintaining the upward channel.

If the 157.0 support holds, the outlook could continue to push higher, with 159.0 and the 162.0 level corresponding to 4600 Yen as potential targets. However, if it falls below 157.0, beware of risks of retreating toward 155.0 and 152.0.

Technical Position Reference

• Support levels: 152.0, 155.0, 157.0
• Resistance levels: 159.0, 160.0, 162.0

Gold: Breakthrough of 4400 Sparks Optimism, Can It Challenge 4620?

Last Monday, gold surged fiercely during the session, rising over $80 in a single day to reach a new high of $4420. This breakout is not a fleeting moment but a continuation confirmation of the upward wave since early November.

As long as the new support at $4400 holds, gold is expected to continue exploring higher levels. The near-term target is close at $4500, with a further goal of $4620. The entire rally could even extend into late January.

Technical Position Reference

• Support zones: 4220, 4300, 4400 USD
• Resistance zones: 4500, 4620, 4770 USD

Ethereum: Losing and Regaining $3000, a New Rebound Chapter Begins

Ethereum rose by 1.44% last Monday, with a high of $3060 during the session, successfully reclaiming the psychological level of $3000. More notably, over the past month, ETH has repeatedly found support around $2780-2800, indicating that the short-term bottom structure is basically formed. The current price is around $3.22K, signaling that a new rebound phase is already in place.

If $3000 can hold, the rebound momentum could continue, with secondary targets at $3400 and even $3600. However, if it falls back below $2780, beware of the reactivation of the downtrend since August.

Technical Position Reference

• Support levels: 2600, 2800, 3000 USD
• Resistance levels: 3200, 3400, 3600 USD

The market sentiment has turned warmer, with technical signals across multiple assets pointing toward further upside potential. Investors can consider deploying positions on dips above these key support levels according to their risk tolerance, while strictly adhering to stop-loss levels.