- YI: +5 (So the maket is now "officially" overbought again.)
- Trying to bottom out in this area: TSU
- Up against rising trend line resistance: DJ-30, IWM, and MMC
- Trying to break above some falling trend line resistance: EWJ, GPC, and SEE
- Attempting to break above the 28 DMA here: ABX and NWL
- Moderately overbought now: AEM, ASA, CSL, GG, and MDC
- Standard overbought here: GF, NYB, S&P-500, SVU, and VXO
- Extremely overbought: IBM
- Toppy: CY and IYY
- Possible top here for the QQQQ.
- A break out either way is on the way for: AVP
- 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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