- YI: +2.5
- A possible bottom may be forming here for: SPC
- Trying to bottom out: MEOH
- Trying to hold some rising trend line support: IYR, LSI, RFMD, and RIO
- Trying to hold falling trend line support: IRF and MOT
- Trying to break above some falling trend line resistance: The BTK index, CAT, CSL, ERF, IFN, LRW, PDE, PHI, PNRA, and VZ
- Attempting to break above the 28 DMA here: ALD, BAC, BPOP, GOOG, STX, and WTS
- Now up against some rising trend line resistance: CPB and GNSS
- Moderately overbought: COP, JCP, NWL, OXY, PXD, RHT, SGP, SKS, SU, WB, WMB, and the XAU index.
- Standard overbought: ADP, FTO, RIG, USU, XLE, and the XNG index.
- Extremely overbought: WGII
- Toppy here: CLF, CMC, EOG, EWP, GT, GYMB, RI, and SNE
- 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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