# Wall Street Are Doing 2 Different Things...
**Date:** 2026-08-04  
**Source:** [YouTube](https://www.youtube.com/watch?v=j8B9MxE2Pa0)

## Main Thesis
The market is showing significant divergence, with major US indices like the Dow Jones and S&P 500 hitting all-time highs while key sectors like hardware, represented by the struggling Kospi, are lagging and represent a big worry.

## Charts & Technical Analysis

### 1. Dow Jones (None)

**Bias:** BULLISH
**Key Levels:** all-time highs

Atkinson notes that the Dow Jones has managed to hit all-time highs.

### 2. RSP (None)

**Bias:** BULLISH

The equal-weighted market (RSP) has been going up for some time.

### 3. S&P 500 (None)

**Bias:** BULLISH
**Pattern:** rejection from put wall
**Key Levels:** all-time highs, put wall

The S&P 500 is hitting all-time highs at the time of recording. This move comes after a massive rejection from the 'put wall' last week, a level which saw the most amount of puts in a while.

### 4. Kospi (None)

**Bias:** BEARISH
**Key Levels:** most traded zone

The Kospi is presented as a 'big worry' and is still struggling at a key level, lagging the US markets. Although it bounced off the 'most traded zone', it is still looking for structure. Atkinson notes it liquidated many retail traders and investors.

### 5. Qs (QQQ) (None)

**Bias:** BULLISH

The Qs acted similarly to the S&P 500, bouncing from a level that had a high concentration of put options.

### 6. Financials (None)

**Bias:** BULLISH

The financial sector is mentioned as still holding up very well across the board.

### 7. Hardware Sector (None)

**Bias:** BEARISH

In contrast to the strong indices, Atkinson notes a 'massive slowdown and lag' of the hardware sector.

### 8. Put-Call Ratio (None)

**Bias:** NEUTRAL

Atkinson mentions he will discuss the put-call ratio later in the video, stating it will show why the recent bounce zone was so important.

## Regime / Cycle Analysis
The analysis highlights a divergent market regime where the overall market is 'not equal'. A key intermarket observation was a 'cross-correlation level' where the Kospi hit its 'most traded zone' while the S&P 500 and Qs hit a 'put wall', leading to a bounce in US equities but continued weakness in the Kospi. Atkinson also describes a market dynamic where Wall Street liquidates less educated retail traders, moving money from one group to the other.

## Key Calls & Predictions
- The market rally is not broad-based; while some indices hit all-time highs, the hardware sector is lagging significantly.
- The Kospi is a 'big worry' and its struggle indicates underlying weakness.
- The recent bounce in the S&P 500 and Qs was a technical rejection from a 'put wall' with a high concentration of put options.
- A liquidation event occurred in the Kospi where Wall Street profited from retail traders.

## All Instruments Mentioned
Dow Jones, RSP, S&P 500, Kospi, Qs, Put-Call Ratio, Financials, Hardware Sector

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*Generated by FX Evolution Monitor on 2026-08-07 23:02:54*