- Yi: -5 (We are deeply oversold here, so some type of bounce is to be expected.)
- Probable bottom here for: $PLAT, $XOI, ACH, CLF
- Possible bottom here for: $CRB, $IIX, $SOX, $SPX, $WTIC, AAPL, AMAT, ARM, BGF, CAKE, CAT, COGO, CPSL, CREE, CSIQ, CTB, DELL, ERIC, EWI, EWJ, EXP, FTO, FXI, GA, GE, IWM, IYY, JASO, LDK, LEN, PBW, PBY, PEG, PTR, QQQQ, STX, T, UYG, WATG, WDC, WGW, X, XLU
- Trying to bottom out in this area: AXB, BNI, CSL, GPC, LOW, MCD, MFE, NWL, PEP, SYY, TOT
- Extremely oversold now: ACAS, DVY, ERIE, GM, GOOG, LUFK, MEOH, MER, VFC
- Standard oversold: $HGX, ACH, BAC, BMY, C, CNK, KBE, KO, LMT, MTH, PNRA, SHLD, WSO
- Moderately oversold now: GIS, MMC, NTES, PAYX, PG
- Attempting to hold the 65 DMA here: USB
- Moderately overbought: $GOLD, GLD, RGLD
- More later. Anything here could 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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