- Yi: +3.55
- A possible bottom here for: FUQI
- Now attempting to bottom out: $OEX, AVP, B, BAC, C, CAKE, CLF, DDM, DVY, EEFT, EGO, FCX, IYY, KO, MFE, MOT, LOW
- Oversold: ACH, CAT, CPSL, EEFT, EXP, GDX, GG, KGC, WATG
- Moderately oversold: ARM, CTB, GF, IBM, IWM, LOW, MFE
- Now trying to hold some rising trendline support: $WTIC and LPL
- Attempting to hold the 65 DMA here: B, CBK, CHK, ELY, IWM, TSL, WHR, WSO, X, XOP
- Trying to hold falling trendline support: $CRB and EWA
- Trying to break above falling trendline support: $SOX, F, LDK, MBI, OCR, SPWRA
- 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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