7 Jul 2020 ● 05:58 AM
The NASDAQ made one more new high yesterday even after it was looking lethargic on Friday. With that it either started wave 5 up or completed wave 5 up this will remain unclear. What we continue to have risen inter market divergence with the other US indices which have not made a new high. Simultaneously the daily sentiment index for the NASDAQ shows 93% of traders bullish on the tech index. These to put together have a set up for some short-term risk on a potential for a pullback before we can go higher. The wave count of the S&P 500 and the NASDAQ a very different and way will still need to see how that resolves.