SK Hynix crashed the Nasdaq — and the crowd showed up

SK Hynix crashed the Nasdaq — and the crowd showed up

The SK Hynix Nasdaq debut became the defining capital-markets event of the week ended 10 July 2026. The South Korean memory-chip leader raised approximately US$26.5 billion in the largest US share sale by a foreign company. Priced at US$149 per ADS, the ADSs opened at US$170 and closed at US$168.01 — a first-day gain of approximately 12.8%.

Investor attention is moving beyond software and model developers toward the infrastructure behind AI: memory, processors, fabrication capacity, advanced packaging, data centres, and electricity.

Gobble's Take: The AI trade has found the plumbing — and the plumbing is printing. Source: PMR Market Intelligence Report: Week of July 12, 2026

S&P and Nasdaq Remain in Bullish Position

On July 9, 2026, the S&P closed higher by 61 points, closing above all moving averages, all key VWAPs, and in positive gamma. QQQ closed higher by 1.6% and also closed above all moving averages. The Nasdaq Composite's 10-day moving average has been turning up since the start of June and closed firmly above it.

As long as it holds above, the guidance is to stay strongly bullish on the Nasdaq. Semiconductors remain behind and still have some work to do.

Gobble's Take: The S&P and Nasdaq are holding key levels. Semis still have work to do before catching up.

Source: Friday 10 July - by Godzilla Trader

SPX is still wrestling the triangle

$SPX has tried to break out over the top of the triangle formation that has inhibited price movement since early June. Indicators have improved somewhat — but the job isn't done.

The next resistance sits at 7600–7620, which is the all-time highs. A clear breakout above that level would be needed to flip the $SPX chart to a fully bullish status. Support holds at 7420, with strong support at 7300 near the triangle's base. A move below 7300 would be quite negative and would likely trigger a quick test of longer-term support in the 7050–7100 area.

Gobble's Take: Bullish is one clean breakout away. Until then, the triangle is running the show. Source: Weekly Stock Market Commentary 7/10/2026

Banks first, then TSM and ASML — the calendar gets serious

Stocks finished last week higher despite the breakdown of the U.S.-Iran ceasefire and the resulting rise in both oil prices and Treasury yields. Semiconductors were the main story throughout. The week closed with a successful IPO for SK Hynix's ADR, now trading under the ticker SKHY.

Attention now shifts to the first meaningful week of earnings and inflation data. Major bank earnings kick things off Tuesday before the open. Wednesday brings ASML before the open. Thursday, Taiwan Semi reports early, with Netflix after the close.

Gobble's Take: Banks set the mood. TSM sets the ceiling. Don't blink. Source: The Week Ahead: Big Week of Earnings and Inflation Data

In Case You Missed It

Yesterday's top stories:

• Markets are still constructive, but the market is getting pickier
• Futures are green, but the cross-asset picture is less clean
• Big-cap tech held the line while the small caps sulked
• Q2 Earnings Season Is Up Next
• Next week's agenda: Earnings from TSM and JPMorgan. Inflation reports. Retail Sales data.