Nasdaq

US equities surge even as weekly indicators were in sell mode. For the Nasdaq it is a new high so a negative divergence may develop. What is clear on this chart is that we are in wave 5 from the start of the rally a year back. What is wrong is that wave 5 did not end at the April high. So maybe we are in wave 5 of 5 now. Another price confirmation is needed from daily indicators at least to consider the move complete.