- Yi: +6.77
- Now trying to bottom out in this area: CHK
- Trying to hold some rising trendline support: CBK, EGO, NEM, PHI
- Attempting to hold the 65 DMA here: GMR and MFE
- Attempting to hold the 28 day: ACAS, GOOG, PG
- Up against rising trendline resistance: $HGX and GE
- Now trying to break above some falling trendline resistance: JASO
- Moderately overbought now: CAT, DELL, LEN, MBI
- Overbought: $DJX and BMY
- Extremely overbought: B
- A possible top here for: ARM
- 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