- YI: +3.5
- Moderately oversold now: ACAS, DJ, GYMB, and SFY
- Trying to hold some rising trend line support: CMI, ELN, JOSB, PCU, PTR, SPC, TMO, and WTS
- Trying to hold falling trend line support: AMD
- Attempting to hold the 28 DMA here: ACF, VZ, WOR, and XLP
- Trying to break above some falling trend line resistance: AU, BAA, COP, F, the XAU index, and theXOI index.
- Moderately overbought now: NEM, NST, RHT, RIG, and YHOO
- Standard overbought now: EMC
- Extremely overbought: EWP
- Toppy here: IDU, SMTC, and XLU
- A break out in either direction is on the way for: CHK and PD
- 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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