- Yi: -3.5 (So once again, the -5 Yi area proved to be an area of support for the stock market.)
- Probable bottom here for: ACAS, AKNS, BPOP
- Possible bottom in this area for: $CRB, $OEX, $XOI, AA, AVP, AXB, AXP, BMY, CAT
- Trying to bottom here: AAPL, ACF, ARM, BA, BNI
- Extremely oversold now: $DJX and B
- Moderately oversold: ACH, CHK, CLF
- Attempting to hold the 65 day moving average: AVAV
- Standard overbought at this level: The $GOLD weekly chart.
- More later if the time is available. 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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