- Yi: +8.53
- A possible bottom here for: NOK
- Trying to bottom out in this area: ELN, EWI, SPWRA, TOT
- Now trying to hold some rising trendline support: CREE, CSL, NM, TSM
- Attempting to hold the 65 DMA here: AVP and OCR
- Up against rising trendline resistance: IDA, NEM, TSL, VFC
- Now trying to break above some falling trendline resistance: EWA and KBE
- Moderately overbought: $XAU and LEN
- Overbought: ABX, AEM, ASA, EGO, FSLR, GDX, GG, MTH
- Extremely overbought: TKR
- 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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