- YI: +5 again, so the odds of some type of top forming in this area for the market have increased.
- Trying to bottom out in this area: BMY
- Trying to hold some rising trend line support: AMD, BAC, USB, and WB
- Attempting to hold the 28 DMA here: XMSR
- Up against rising trend line resistance: ACH, ALEX, EWI, NYB, S&P-500, and TSM
- Trying to break above some falling trend line resistance: AEM, HMC, IIX, and NOK
- Attempting to break above the 28 DMA here: NOK, PG, and XSLV
- Moderately overbought now: EXP, GLD, PLL, and PTR
- Standard overbought: AAUK, QCOM, and XPLT
- Extremely overbought: FCX, TOT, and XOI
- Toppy here: ERF, MSCC, TCK, and WY
- 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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