Short U.S. Market Update - June 24, 2026
We had a KOSPI related sell, we didn't recover. Are we going to recover today, before MU's earnings ?
Korea’s KOSPI fell about ten percent on Tuesday and is bouncing roughly three percent as I write this. The S&P 500 / $SPX felt it too, sliding around 1.4% to close at 7,365, and the VIX jumped up to the 19s. That is the backdrop for Wednesday: not a fresh crisis, but a market shaking off a shock and trying to find its feet again. And almost everything in the positioning says it wants to grind back up.
The levels that matter today
There is really only one number today, and it is 7,400. We closed Tuesday at 7,365, so we are sitting just under it, about half a percent away. Reclaim and hold above 7,400 and the whole character of the tape flips - that is the level that turns this from a wobble back into a full bull market. Stay below it and you do not get a sell-off so much as a slow drift, with dealers quietly pulling price back toward 7,400 anyway.
Above 7,400 it becomes a happy ping-pong between 7,400 and 7,475. Those two numbers, roughly half a percent and one and a half percent above Tuesday’s close, are the walls of the bullish range for the session. Bouncing between them is still a good day - it just is not a runaway.
The one bearish path, and it is genuinely the long shot today, is a weak open that drops straight to 7,300, about nine-tenths of a percent below the close. If that happens it should be defended, not chased. But you need a real reason for it, and right now there is not one on the table.
One habit worth keeping no matter which way it breaks: the market almost always trades between these levels, not through them in a straight line. So if price runs into one of them - 7,400, 7,475, 7,300 - that is a sensible spot for a day trader, or anyone holding options near expiration, to take some profit rather than press the bet.
