For those of you who have inquired, the "Yi" is my own proprietary overbought/oversold indicator. A +10 reading generally indicates we are overbought in the overall market, and -4 or a -5 reading is telling us the market is a bit oversold. The "zero line" in between the plus and minus readings will sometimes act as an area of support or resistance, so I tend to keep an eye on that level also. A reading of +20 is extremely overbought, and a -10 indicates the market is extremely oversold.
Thursday, June 2, 2005
XAU hourly chart now "officially" overbought.
Well now, the XAU index has been zooming up rather nicely here lately, but at this point it appears to have gotten a bit ahead of itself, so it is now "officially" overbought at this point in time...
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