Citi: Nearly 80% of long positions on Nasdaq are "trapped"; selling pressure far from over

```htmlGolden Ten Data reported on June 30 that Citi strategists stated the US technology stocks face further downside risks due to investors’ overall high exposure to the tech sector. The team led by David Chew said the tech-heavy Nasdaq 100 index has pulled back this month without a corresponding reduction in holdings. This month, questions over high valuations in artificial intelligence have unsettled tech stocks, with US large-cap tech leading the decline. The Nasdaq 100 index fell nearly 2%, on track for its worst June performance since 2022. According to Goldman Sachs prime brokerage data, hedge funds have sharply reduced their exposure to US technology stocks, with net selling last week reaching the highest levels in more than a decade, both in absolute and relative terms. The Citi team also pointed out that the Nasdaq 100 and S&P 500 indices have shown bearish capital flows, as investors are shifting towards the Russell 2000 small-cap index.```