# Nasdaq Weakness Is This The Beginning Of A Bear Market?
**Date:** 2026-05-18  
**Source:** [YouTube](https://www.youtube.com/watch?v=fb7hLYprGj8)

## Main Thesis
The semiconductor market is showing significant weakness after a historic run, indicating a potential shift in market volatility and a need to monitor related indices like SMH, KOSPI, and DRAM for further bearish signals.

## Charts & Technical Analysis

### 1. NASDAQ 100 (NDX) (2-hour)

**Bias:** BEARISH

The chart shows a recent downturn after a strong uptrend. Atkinson highlights this as the 'first sign of significant weakness' and notes that this trend is the 'worst we've seen it' in a while, emphasizing the recent volatility entry into the market.

### 2. NASDAQ 100 (NDX) (1-day)

**Bias:** BEARISH

This daily chart shows a prolonged bullish run followed by recent large red candles, indicating significant bearish moves. Atkinson states that 'the biggest bear moves have only just happened after what has been a historic run,' reinforcing the idea of a shift in market dynamics.

### 3. SMH (VanEck Semiconductor ETF) (1-day)

**Bias:** BEARISH

The SMH chart shows a slight higher high this week, followed by a move down again. Atkinson notes that 'we started to see volatility in the markets' last week, suggesting increasing uncertainty and potential for further downside in semiconductors.

### 4. KOSPI Composite Index (1-day)

**Bias:** BEARISH

The KOSPI chart, representing the Korean market, shows 'pretty heavy' movement with significant volatility. Atkinson points out an 8.33% drop over two 'monster sessions' followed by recoveries, indicating high instability and a need for close monitoring.

### 5. DRAM (Roundhill Memory ETF) (1-day)

**Bias:** BEARISH

The DRAM chart is briefly shown, also displaying recent red candles after an uptrend, consistent with the theme of semiconductor weakness. Atkinson mentions they will 'go deep dives on those after the Monday session,' implying further analysis is warranted.

## Regime / Cycle Analysis
Atkinson highlights a shift from a historic bullish run to increased volatility and significant bearish moves in the semiconductor sector, suggesting a potential change in market regime. He emphasizes the importance of observing these markets for further signs of weakness.

## Key Calls & Predictions
- Semiconductor market weakness is here.
- This is the first sign of significant weakness after a historic run.
- The biggest bear moves have only just happened.
- We need to be looking at semiconductors in particular and checking those markets out.
- Volatility has entered the markets.

## All Instruments Mentioned
NASDAQ 100 (NDX), SMH (VanEck Semiconductor ETF), KOSPI Composite Index, DRAM (Roundhill Memory ETF)

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*Generated by FX Evolution Monitor on 2026-05-21 20:05:16*