QQQ Breadth DivergenceNasdaq 100 Stocks Above 50-Day AverageINDEX:NDFIpakoumalNDX at 24,454, near fresh highs, very similar setup to QQQ - strong trend, testing the upper end of the channel NDFI (around 48.5) shows % of NDX stocks above 50d MA (breadth) NDTH (around 59.4) shows % of NDX stocks above 200d MA 1. Breadth Divergence While NDX is pushing highs, both NDFI & NDTH are trending lower since July This means fewer stocks are participating in the rally - leadership is narrowing Back in Feb–Mar 2025, breadth peaked & rolled over ahead of the NDX pullback That same pattern is now repeating with price at highs, breadth lagging 2. Current Risk Breadth is not confirming the new highs in NDX If NDFI/NDTH continue to weaken while NDX grinds higher, the setup becomes vulnerable to a sharp correction once leaders tire A rollover in NDFI/NDTH could precede another NDX correction, just as it did earlier in the year