Trying to bottom out: WMB
Extremely oversold: TZOO
Moderately oversold: XLF, XLP, the XNG index, and the XOI index.
Trying to hold some rising trend line support: USU
Attempting to hold the 28 DMA: WGII, WTZ, the XAU index, and XLB
Trying to break above some falling trend line resistance: The XCI index, and XLF
Moderately overbought: WY
All of the previous disclaimers apply to the above work.
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.
No comments:
Post a Comment