- YI: -0.5 (We are getting near the mid-point zero line which often acts as an area of resistance or support for the market, so the caution flags are flying once again.)
- Trying to break above some falling trend line resistance: The DJ-30, EWI, EWU, TOT, UGP, and XPLT
- Attempting to break above the 28 DMA here: CBK, GOOG, GPC, IFN, JCP, and NAT
- Up against rising trend line resistance: EWJ and PG
- Moderately overbought now: AAPL, ADP, the IIX index, IWM, NWL, PAYX, PLT, QQQQ, the S&P-500, STMP, SYY, TSM, TTH, and the VXO
- A break out in either direction is on the way for: CSL
- 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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