Nasdaq

The Nasdaq Composite has been on a dream run and prices have kissed the trendline of the previous two highs upwards in wave 5. The RSI at 76 is overbought. So we should be in late stages of this move. A few more subdivisions and maybe some negative divergences develop, a triangle in the 5th wave is also possible. But readings are now getting high. This combined with 85% bulls on the Daily Sentiment index for the S&P 500 shows an increasing mix of indicators for US equities getting to overbought.