The Midday 10

LEVEL The flush was bought before 10:15

The semi fund gapped from Monday's 516.23 straight down to 480.50 — off almost seven percent inside the first forty-five minutes — and has been bought back to 494 since. Still down four-and-a-quarter on the day, but the entire flush happened before 10:15 and the tape has done nothing but reclaim since. The 530–532 band stays far overhead; today's fight was only about whether the open was a bottom, and the buyers showed up first.

UP Nvidia is green on semi-crash day

198.53, up one percent, against a complex down four — on the worst semiconductor morning since April. Whatever the market thinks of the layer that supplies Nvidia, it is not applying the discount to Nvidia itself: the platform is being separated from its own supply chain in real time.

LEVEL Micron broke the floor and took it back

789.09 at the low — twelve percent below Monday, straight through the memory floor — then bought back to 821 on the heaviest volume of the morning. A floor that breaks and reclaims on volume is a different signal from one that never got tested. The memory read survives, narrowly, and tonight's Seoul open gets the deciding vote.