As the US market hours begin, the financial markets are gradually becoming active, and the afternoon trading trend is still being maintained.

The U.S. dollar index remains on a downward trend, gold is rising, U.S. Treasuries are under pressure, yields continue to rise, and some liquidity in the dollar is shifting towards gold.

The four major indices of the US stock market opened higher, with the VIX index retreating to around 14.73. The SPHB/SPHQ ratio remains around 1.58, although it has slightly dropped compared to before the opening.

The current financial market situation is still temporarily favoring liquidity buying in gold and US stocks. However, the SPHB/SPHQ ratio has slightly declined, indicating a slight decrease in risk appetite for US stocks. Some of the stock prices of the seven major tech companies have turned to decline, leading to a slight pullback in BTC.

Today's key observation phase is the latter half of the US stock market and the closing. If the closing can maintain a relatively optimistic risk appetite, continuing the rise tomorrow means that the risk market is already anticipating the "Christmas" rally!

The overall trend of the financial market is basically consistent with the situation before the afternoon session, and we will continue to observe with cautious optimism!