# Wall Streets Biggest Test Is Here...
**Date:** 2026-05-20  
**Source:** [YouTube](https://www.youtube.com/watch?v=XLrl1UjkxHs)

## Main Thesis
The AI stock bubble is showing signs of bursting, with significant drops in the South Korean market and rising bond yields globally, while NVIDIA's upcoming earnings report could trigger massive market flow.

## Charts & Technical Analysis

### 1. KOSPI Composite Index (daily)

**Bias:** BEARISH
**Pattern:** downtrend after a peak
**Key Levels:** 7,104.25 current price, 7,200 resistance, 6,800 support

The KOSPI Composite Index is shown with a clear downtrend after reaching a peak. Atkinson notes a 'negative 12%' move, indicating a significant drop. He suggests 'something's going on in the South Korean market' that is impacting global markets, implying a potential unraveling of the AI trade.

### 2. US10Y (United States 10-Year Bond Yield) (weekly)

**Bias:** BULLISH (FOR YIELDS, BEARISH FOR BONDS/EQUITIES)
**Pattern:** breakout of resistance, ascending trend
**Key Levels:** 5.184% current yield, 5.005% support/previous resistance, 5.400% resistance

The US10Y chart shows bond yields breaking above a key resistance level of 5.005% and currently trading at 5.184%. Atkinson highlights this as a 'multi-decade high' and a 'horrifying thing' for traders and investors, suggesting rising yields are a negative for other asset classes.

### 3. NASDAQ 100 Cash CFD (NDX) (2-hour)

**Bias:** BEARISH
**Pattern:** weakening after retests of moving averages
**Key Levels:** 18,000 support zone, moving averages acting as resistance

The NASDAQ 100 chart displays a weakening trend, with price retesting and failing to break above the moving averages (red and blue lines). Atkinson points out the 'NASDAQ continuing to weaken after retests of that most important moving average,' indicating a bearish outlook for the tech-heavy index.

### 4. NVIDIA Corporation (NVDA) (daily)

**Bias:** NEUTRAL TO CAUTIOUS (PRE-EARNINGS)
**Pattern:** potential reversal after a strong uptrend
**Key Levels:** current price around 220.61, moving averages acting as support/resistance

The NVIDIA chart shows a strong uptrend followed by recent red candles, suggesting a potential pullback or consolidation. Atkinson emphasizes that NVIDIA, 'the biggest company in the world,' is about to report earnings in less than 24 hours, which could lead to 'hundreds of billions of dollars of flow' across stocks, commodities, and cryptos. The chart shows a yellow 'SCC' (Stocks, Commodities, Cryptos) annotation, implying NVIDIA's earnings will impact all these markets.

## Regime / Cycle Analysis
Atkinson discusses the 'unraveling of the AI trade' and the global impact of the South Korean market's decline. He also highlights rising bond yields as a significant global factor affecting all asset classes.

## Key Calls & Predictions
- The AI stock bubble is potentially bursting.
- The South Korean market's decline is a significant global indicator.
- Bond yields breaking to a multi-decade high of 5.19% is a 'horrifying' development for investors.
- The NASDAQ is continuing to weaken after retesting key moving averages.
- NVIDIA's upcoming earnings report is a critical event that will generate massive market flow across various asset classes.

## All Instruments Mentioned
KOSPI Composite Index, US10Y, NASDAQ 100 Cash CFD, NVIDIA Corporation (NVDA), Stocks, Commodities, Cryptos

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*Generated by FX Evolution Monitor on 2026-05-21 20:01:24*