- YI: -2
- Trying to bottom out in this area are: C, MER, NST, OCR, and XLF
- Standard oversold at this point: UN
- Moderately oversold now: OGE and WB
- Trying to hold some rising trend line support: AMD, ELY, IDU, MFE, MSCC, NOK, RGLD, RIO, TSU, WHR, XLU, and XSLV
- Trying to hold falling trend line support: DVY, KO, and LOW
- Attempting to hold the 28 DMA here: JWN, LEN, MCD, NYB, and STX
- Trying to break above some falling trend line resistance: QCOM
- Attempting to break above the 28 DMA here: HMC
- Up against rising trend line resistance: PTR
- Moderately overbought now: ACH
- Standard overbought: FRO
- Toppy here: OXY
- A break out in either direction is on the way for: XLU
- And as is always the case, 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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