- YI: +2
- Moderately oversold: GLD
- Trying to hold some rising trend line support: ABX and WSO
- Trying to break above some falling trend line resistance: FCX and TOT
- Up against rising trend line resistance: GIS and TCK
- Moderately overbought now: BA, the DJ-30, EWJ, GOOG, IFN, LOW, SNE, and the S&P-500.
- Standard overbought: MKC, TOT, and V
- Extremely overbought: CAT
- Toppy here: MCD
- 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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