According to technical analysis using AI, if it rises once more tomorrow, it will enter the typical rising pattern of a triple top.
It is currently attempting to settle into an upper channel after a typical symmetrical triangle breakout.
KOSPI has risen above the 20-day line, and technically, it seems that a certain basis for an uptrend channel has been established.
However, other analysis reports present slightly different perspectives.
Foreign investors who bought a large amount of spot today sold futures contracts and there are reports that the large put liquidation from stock futures is due to large-scale short covering.
In fact, there is good news about the entry of Singapore's sovereign wealth fund, and Morgan Stanley, which issued a negative report on semiconductors, has commented that now is the time to enter. The current macro situation may have turned bullish.
If they were thinking of going long, they would have bought a lot of futures to induce a gap, but something about selling feels very disappointing.
Anyway, since KOSPI has risen above the 20-day line, we need to do it again from SOX (I don't know how many times this is anymore, haha).
The CPI to be announced at 9:30 pm today needs to be lower than the expected 0.22%, Micron needs to break through $900 easily, and SOX needs to explode and break through the upper part of the 20-day line to escape from the sideways pattern channel.
Then, it seems likely that KOSPI will have a strong upward momentum again tomorrow, as the baton is passed on.
The most important thing is CPI and the progress of negotiations with Iran.
If CPI falls below expectations, the yield on 10-year treasury bonds is expected to fall quite rapidly. If news comes out that negotiations with Iran are going well, it will fall even further, ultimately leading the macro direction upward.
Currently, KOSPI is correctly down to 56 for the vKOSPI index, as it was in April this year (of course, it needs to go down further), and with circulation buying going around the entire market, the basic stamina is improving.
As stamina improves to a certain extent, leading stocks will be able to regain momentum.
I hope that good indicators will continue this trend.
