Signals: T.A. update for the open, May 3, 2010.

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.

Monday, May 3, 2010

T.A. update for the open, May 3, 2010.

Yi: +7.5
Now trying to bottom out in this area: EEFT and NOK
Oversold: MFE
Moderately oversold: HCBK and MEOH
Now trying to hold some rising trendline support: AXP, NAT, SCHA, SWK, WFR
Attempting to hold the 65 DMA here: IRF
Now up against rising trendline resistance: $GASO
Attempting to break above the 28 DMA here: BMY
Now trying to break above falling trendline resistance: JASO and SU
Moderately overbought: GIS, MKC, MTH, PEG, PEP, PHI, SLV, SSRI, SUN
Overbought: B, GDX, LPL, NEM, OGE
Toppy here: $XAU, ABX, ACAS, AEM, GDX, GG, MKC, NEM, RGLD, SLW, SSRI, VFC
A possible top in this area for: ASA and EGO
Anything posted here may be off base.

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