- YI: +4.5
- To a buy: The XAU hourly at 1 pm on May 8.
- A possible bottom may be forming here for: AMD and TLB
- Trying to bottom out in this area: heating oil
- Standard oversold: PG
- Moderately oversold: GM, GYMB, and JCP
- Trying to hold some rising trend line support: ACF, AEM, CORS, IFN, MCD, MEOH, NVLS, OMN, PXD, RDC, RMBS, SGP, and the XOI index.
- Trying to hold horizontal trend line support: QCOM
- Attempting to hold the 28 day moving average: ASA, EWD, FXE, JNJ, JWN, MMC, SUN, TOL, and TYC
- Trying to break above some falling trend line resistance: ALD and TIE
- Attempting to break above the 28 day moving average: CSL, KEY, and TSS
- Now up against some rising trend line resistance: BHP, BKX, and SLE
- Moderately overbought: LMT
- Standard overbought: ERF
- Extremely overbought: AA
- A possible top may be forming here for the E-Mini 500.
- Toppy here: AAPL, ADP, APPB, BMY, CUP, DELL, ECA, X, and XLB
- Probable top here for: AIG
- To a sell: GR
- A break out in either direction is on the way for: ACAS, CAKE, and HMC
- Anything posted here may 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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