Last Friday, I mentioned that liquidity would be released after options settlement, and the market might face a direction choice. This expectation is being realized with Monday's opening.

From a macro perspective, the US stock market sentiment remains relatively stable, with early trading index futures volatility at only 0.1%, and recent news has been relatively light. This week, it is important to watch whether Trump will nominate a new Federal Reserve Chair, and the December unemployment rate is expected to remain at a low 1.9%.

On-chain data is quite interesting. The positions across various exchanges show that bullish buy orders are still slowly accumulating. According to the URPD indicator, the first pile of chips has reached 87,000, and the second pile 84,500—such dense chip accumulation at a single price point is usually a signal of a potential market breakout. Considering the influence of options suppression and US stock market sentiment, although there is some short-term emotional support, the strength is still insufficient.

The overall judgment is cautiously optimistic, but it is not suitable to chase highs at this stage. The resistance level is stuck between 90 and 92. If it cannot break through, avoid blindly FOMO in the short term.