- Yi: +8.7 (Can it make it to ten?)
- Moderately oversold now: COST
- Trying to hold rising trendline support: ACH, CSIQ, LMT
- Attempting to hold the 65 DMA here: $USD, AA, AVP, MEOH, UGP
- Up against rising trendline resistance: DVY, GF, GPC, IFN
- Trying to break above falling trendline resistance: BPZ
- Moderately overbought: CTB, ELN, GOOG, RJI, TSM
- Overbought: LOW, NWL, PBY, QLD, QQQQ, RAIL, SCHA, SCHB, SWK, USB
- Extremely overbought: BPOP, CBK, KBE, XLF
- Toppy here: ELN, MBI, NWL, OCR, SKS, URE, VFC
- Going parabolic: KBE
- 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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