NASDAQ100 INDEX - Nasdaq may be ready to slide deeper - 06/21/2024 (GMT)

Nasdaq is showing weakness amid extremely weak market breadth: the entire market was driving higher on almost one stock: NVDA. That's an unhealthy situation, all other sectors except the tech sector are stagnating, so we may consider placing a short trade if a small trading range appears on the intraday chart, as displayed.

The recent parabolic move upward is probably the last in a row, and the market may be ready for a deeper correction.
The false breakout is a preferred strategy in this case.

Don't forget to always do your own research and manage your risk!