-EXCLUSIVE- In our last update, we said that we were still anticipating some upside in the market even if Santa had already been very generous in advance. By looking at the history, the scenario we thought would be the most probable was that Nasdaq would see a new all-time high daily close. It would then continue up to its decade-old channel resistance line where SPY at that moment should be at an all-time high. We don't think that the market has the necessary condition for breaking that channel resistance line, so we thought it would be a good point for a reversal where we would be hedging our portfolio.
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