- Yi: +4.5
- Probable bottom here for the $VIX.
- Moderately oversold now: RJI
- Attempting to hold the 65 day: $WTIC, SHI, SUN
- Attempting to hold the 28 day: $HGX and USB
- Attempting to break above the 28 day: F
- Moderately overbought: AVP, COGO, FRP, PHI, T
- Standard overbought: $SOX, BPZ, GIS, MBI, RAIL
- Extremely overbought: PAYX
- Toppy here: CSIQ and JASO
- Possible top here for: $IIX and PLL
- Probable top here for: $OEX, $SPX, $XEU, CLF, CTB, DDM, GF, PBW, QQQQ
- A break out in either direction is on the way for: MMC and ROK
- 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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