- Yi: +5.5
- Trying to bottom out in this general area: $VIX
- Now trying to hold some rising trendline support: AVAV, CHK, GLD, RBS, RJA
- Attempting to hold the 28 DMA here: PG
- Now up against rising trendline resistance: AA and IBM
- Now attempting to break above the 65 DMA here: $SPX, GLW, NAT, NST, PTR
- Moderately overbought: $HGX, $NYS50R, $OEX, ACAS, FXI, MFE, NOK, NTES, NWL, PAYX, PHI, SHI, SHLD, WY
- Overbought: $IIX, DVY, IWM, UGP, URE, V, VFC
- Toppy here: ARM, DDM, IYY, JOSB, RAIL, ROK, SCHA, SCHB, SCHG, UGA, V, VFC, WHR
- 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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