- YI: 0 (Often times in the past, the "YI zero level" has provided some support for the market. Whether that will hold true once again this time, remains to be seen of course.)
- To a buy: The XAU hourly at the close yesterday.
- Moderately oversold now: The E-mini 500.
- More later. Anything 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.
No comments:
Post a Comment