Nasdaq still vulnerable hereNasdaq CashBLUEBERRY:NAS100BlueberryWe've been cautious on the Nasdaq for some time now, mainly on the back of the valuations in AI and related industries. Our June note cautioned upcoming reporting season and general market risk appetite. We're still trading close to those levels and price action has remained fairly range bound. But there seems to be risk building under the bonnet and the best time to start building short positions is when everybody least expects downside. Key levels are for the 200 day moving average currently in the high 26k range. The discussion in DC around AI models and distillation could go either way. From a risk to reward perspective, we see downside as more likely. The forecasts provided herein are intended for informational purposes only and should not be construed as guarantees of future performance. This is an example only to enhance a consumer's understanding of the strategy being described above and is not to be taken as Blueberry Markets providing personal advice.