KODEX 200 is in a steep downtrend (148K→120K over three weeks). KOSPI fell -3.65% last week on OpenAI IPO-delay fears, Trump headline risk and triple-witching, closing at 8,088 with the psychological 8,000 level at risk. Analysts flag additional sell pressure early next week if 8,000 breaks. The weekly trend and near-term catalysts both point lower; only a positive big-tech AI comment would trigger a Samsung/SK Hynix rebound. Direction: down.