- Yi: +1.05 (So if the zero line does not hold here, we may have to take a trip down to the -4 or -5 area to get the market completely sold out.)
- Now trying to bottom out: $PLAT, $WTIC, AEM, NOK
- Extremely oversold: BPZ
- Oversold: $IIX, A, ACF, BMY, CNK, CREE, DELL, GE
- Moderately oversold: $DJX, AMAT, COGO, COST
- Attempting to hold the 65 DMA here: $DJW-weekly
- Up against rising trendline resistance: $BDI
- Up against falling trendline resistance: $GASO, ACH, C, EGO
- Attempting to break above the 65 DMA here: ACAS
- 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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