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Chip stocks are back. The Nasdaq is roaring . The Korean market rose 7 % overnight. And Jamie Dimon just told you not to believe any of this. Stay with us. Resellable titles at the end. Yes. Futures are down a bit this morning. The S&P is down two hundredths. The Nasdaq fell five hundredths of a point after yesterday's monstrous chip rally.
Tokyo's Nikkei rose almost 2%. The Hang Seng is lagging behind. The story everyone is telling this morning: AI infrastructure is back in the game. Micron is up 12%, Broadcom, TSMC, Marvell—all are growing rapidly. The consensus is that the chip sell-off was just hype. But that same morning, Jamie Dimon says he wouldn't touch a stock or bond at those prices.
Same market, but completely different stories, depending on where you sit. That's the trick. If chips continue to rise, it's an AI supercycle, buy on every dip. If the Nasdaq turns around tomorrow, it will suddenly be proof that Dimon was right all along . Same headlines, different subtext. The S&P is around 748.
The 20-day high at 755.60 is resistance. Lose 740—and the story about the "bulls" will be much harder to tell. But the main nightly news is South Korea. EWI, a proxy indicator for the Korean market, rose 7.3% in one session. This is not hesitation, this is reassessment. Samsung, SK Hynix , memory chip supply chain.
The Korean market is essentially a bet with a margin on the same AI story as America. When he moves that much, someone is very sure of it . EWI is currently pushing for 174.70, breaking through the 170 level. The next test is the round resistance at 180. If it breaks through, this will no longer be a one-day story.
A quick look at other assets: oil is the main driver. Brent is again above $90 per barrel. USO increased by almost 3%. Here they are— the imprints of inflation. Energy traders will tell you it's supply discipline. Bond traders will tell you that's why Dimon doesn't want bonds. Both read the same barrel.
Gold also quietly rose by almost 2%. When stocks rise, chips rise , and gold rises with them—the market usually insures its own party. Listen, the stock I promised: oversold, unloved, with one of the worst drawdowns in the tech sector. But first, a brief look at how we read it. This is the board we use every morning.
Oracle looks oversold, with sentiment leaning towards buyers, below the 50- and 200-day moving averages. Structure, not " hot" advice. Oracle fell 30% in 4 weeks. Credit risk is approaching an 18- year high. Funding concerns over that $7 billion guarantee for the AI data center. Mizuho still forecasts growth of 164%.
63% below peak. This is a number that either screams surrender or indicates that no one wants these shares for some reason. Oracle is now around 128. Hold the 60-day low around 120, consolidate above 130— and the reversal story is ready. Our market sentiment analysis shows 75% buy signals with an oversold indicator of 77.
This is just a setup, not a guarantee. So, chips are leading, Korea is soaring, diamonds are falling , and Oracle is quietly unfolding beneath it all . A quick look at Nike, Adobe, Netflix — they're also worth noting. Analysis, not advice. Premier Charts is free on the App Store, link below. See you tomorrow morning.
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