- YI: -3.5
- Trying to bottom out in this area: BA, JCP, NLY, and T2118
- Standard oversold here: SUN
- Moderately oversold now: MSCC and PEP
- Trying to hold some rising trend line support: ACH, ALEX, BAC, CSL, GPC, HON, NX, RNR, SNE, SYY, TSM, and WHR
- Trying to hold falling trend line support: AIG, BMY, LOW, MPG, PTR, TSU, UGP, WB, XLF, and XLU
- Attempting yo hold the 28 DMA here: MEOH
- Trying to break above some falling trend line resistance: EWU, EXP, FRO, GFI, GOOG, MCD, STMP, and STX
- Attempting to break above the 28 DMA here: AVP, CMI, and JNJ
- Up against rising trend line resistance: BGF, GLD, and the VXO
- Moderately overbought now: CAT
- Possible top here for: TCK
- Amything 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.
This is nothing to feel blue about!
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