- YI: -3
- Possible bottom here for: EJ, GF, and HMC
- Trying to bottom out in this area are: ADP, CPB, EWI, IDA, the IIX index, REDF, UGP, and WY
- Standard oversold at this point: The DRG index and JNJ
- Moderately oversold now: CBK, HON, and PNRA
- Trying to hold some rising trend line support: IFN, NST, and TLB
- Attempting to hold the 28 DMA here: ARM and BAC
- Trying to break above some falling trend line resistance: AA, AAUK, AMAT, ASA, FTO, FXY, MCD, PXD, SMTC, SUN, and WDC
- Attempting to break above the 28 DMA here: TASR
- Up against rising trend line resistance: AEM, GLD, QLGC, and XMSR
- Moderately overbought now: QCOM
- Anything 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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