Is This the Nasdaq Top?
Fund Manager Jason Shapiro Thinks So

A daily reversal candle, max long positioning, and a shift in tone—Shapiro lays out his case for a short.

Ed Seykota once said:
“The trend is your friend until the end… where it bends.”

And this market’s been straight up since April.

But yesterday?
Well, we got a gap fill and a fat wick on the daily candle, decent above average volume too.

Could this be the bend? 🤷🏼‍♂️

Well, $200m fund manager Jason Shapiro thinks it might be…

SHORT NASDAQ

Shapiro’s thesis:

📉 Good news, bad reaction
Nas dropped despite bullish AI chip news = classic news failure in his eyes.

📊 Crowded long
Nasdaq positioning is max long. When sentiment is stretched and price stalls… red flag. Trapped traders and an already heavy boat.

💧 Liquidity drying up
Bonds, metals, and Bitcoin all sold off.

💵 Dollar ripping
Strong dollar + weak global bonds = tightening backdrop = trouble. Maybe.

🎭 Tone has shifted
The general vibe changed. Price action looks tired.

And so because of all that. He’s eyeing a short on Nasdaq with a stop above yesterday’s high.

What could be his target if he pulled the trigger?

Late May’s pullback was about a 4% haircut.
Mirror that, and we’re talking about a 900-point drop from highs as a starter…

Fair play if he’s nailed the top to the day. 🎯

But what do you reckon?
Top’s in… or just a breather before the next rip higher?