- YI: +4.5
- Moderately oversold now: BAA, SU, and JNJ
- Trying to hold some rising trend line support: CGI, CLF, CSCO, ERF, MRK, MSCC, PG, PHI, and SYY
- Trying to hold falling trend line support: CDE
- Attempting to hold the 28 DMA here: The DRG index, EOG, ERF, and SLE
- Trying to break above some falling trend line resistance: The BTK index, CBK, EBAY, and RNR
- Now up against some rising trend line resistance: The IIX index.
- Moderately overbought now: AMZN, PMCS, and the QQQQ
- Standard overbought: OGE
- Toppy here: DVY, FDP, PCU, RI, and USU
- Anything posted here could be off base.
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.
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