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Craig Shapiro highlights a significant overnight crash in the KOSPI index, which fell by 10%.
According to Shapiro, the sharp decline is impacting Nasdaq futures, which are already down 3% in pre-market trading ahead of the U.S. cash session. He also notes that dealers are technically long gamma, but this positioning is at cyclical lows and has turned negative.
Shapiro has recently tracked other major shifts in global markets. He identified a miss in Broadcom’s AI revenue guidance as a key repricing signal for that sector in 2026. In a separate note, he reported the U.S. dollar rallying while gold, silver, bitcoin, and copper fell to session lows.