- Yi: +2.4
- A possible bottom here for: AVP and ENER
- Now trying to bottom out: EXP
- Moderately oversold: NOK
- Trying to hold some rising trendline support: $VIX, $WTIC, CNK, NOK
- Attempting to hold the 65 DMA here: CSL
- Now trying to break above some falling trendline resistance: $DJW, $GOLD, $HGX, $NYA50R, $OEX, $SPX, $XOI, ABX, AVAV, CHK, EEFT, EGO, GF, GLD, IFN, LOW, NEM, PBY, PGM
- Attempting to break above the 65 DMA here: AEM
- Moderately overbought now: KFT, LEN, LUFK, ROK
- A break out in either direction is on the way for: F, MSCC, NM
- More later. 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.
No comments:
Post a Comment