Korean stocks trigger a circuit breaker and crush the memory sector! $MU Don’t rush to bottom-fish!

Brothers, the Korean stock market collapsed today—KOSPI plunged more than 9% at one point, triggering a circuit breaker, while foreign investors net sold 22.3 trillion won in a single day. MU was dragged down, falling nearly 5%.
On the news:
Panic spread from Korean stocks to the memory sector. SK hynix shares in Korea crashed more than 12%, Samsung fell more than 6%, and MU, SNDK, WDC all slid across the board in after-hours trading. In 2024 alone, the Korean market has triggered the “sidecar mechanism” 35 times; its volatility ranks top worldwide, and the panic selling is still being released.
Smart money is retreating. A whale that previously booked a profit of $5.29 million opened an MU long position at $1,005 and is now down more than $600k—if a stop-loss is triggered, selling pressure will intensify further.
Technical levels:
Resistance overhead: 950-960—if it can’t break above, it’s all likely to be a bull trap
Support below: 900—if it breaks, look for 875-880
Gongming view:
With the Korean stock market circuit breaker + smart money trapped + cautious positioning ahead of the CPI, under triple pressure it’s hard to say the market will stabilize in the short term. Don’t rush to bottom-fish.
Trading strategy:
Aggressive: open a short around 919 at current price
Conservative: wait for a rebound to around 925-935, then open a short
As long as the panic selling hasn’t finished, every rebound is essentially送钱 to short positions.
‍#伊朗宣布关闭霍尔木兹海峡