The 'Spring Trap Market' we talked about in late January and early February is still ongoing. Today, the Nasdaq 100 futures weekly EMA5 broke below EMA20, while the Nasdaq spot is still 30 points away. This week is critical. On the macro level, two more factors have been added to last week's logic: - The risk of rising crude oil prices driven by the Iran situation; - January PPI released last week exceeded expectations.