Recently, this Christmas market rally has been quite interesting, with US stock indices reaching new highs again. Looking at Nvidia's performance over the past week, you can see what institutional game-playing looks like—defensive positioning in the medium and short term has been very well executed. The successful defense in mid-December provided many with a good entry opportunity, and the subsequent rally has indeed been strong.

The overall rhythm of the market movement has basically been unfolding within the short-term buy zone established around December 17. This gentle upward pace is quite fascinating—neither too aggressive nor lacking upward momentum. From a technical perspective, the index's new highs are supported and not artificially inflated.

Of course, the end-of-year period is somewhat special. The Christmas cycle often involves specific trading logic, and institutions tend to adjust their positions at year-end. The performance of leading tech stocks like Nvidia often reflects the market's true attitude towards the future. Looking at this week's candlestick patterns, there is still a sense of continuity.

However, it’s also important to note that there is a certain art to defending high levels and forming buy points, especially within larger upward trends. Short-term corrections are often the foundation for subsequent gains, and this time also aligns with that logic. How things will develop next depends on the performance at the end of the month and the start of the new year.