- YI: -3.5
- Possible bottom here for: MRVL
- Trying to bottom out in this area: EWD, EWU, HMC, QQQQ, RGLD, TZOO, and UN
- Moderately oversold now: BGF, BHP, DVY, IBM, LMT, and MMC
- Trying to hold some rising trend line support: CSL, EBAY, and PG
- Trying to hold falling trend line support: UGP
- Attempting to hold the 28 DMA here: EXP, FXY, and TSU
- Trying to break above some falling trend line resistance: CSTR, FCX, FXC, MFE, PDS, TOT, and WSO
- Attempting to break above the 28 DMA here: ENER, ERF, LUFK, OCR, and STX
- Up against rising trend line resistance: JCP
- Moderately overbought now: PTEN and TICC
- Toppy here: AVP
- 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.
No comments:
Post a Comment