- Yi: +3.51
- Now trying to hold some rising trendline support: ABX
- Attempting to hold the 65 DMA here: $BDI-weekly
- Now up against the 28 day: B, CNK, DM, FCX
- Up against falling trendline resistance: CBZ, DM, EWA, F
- Now up against the 65 day: AMAT, AVAV, AXP, CAT, DVY, EXP, FXI, GLW, GPC
- Moderately overbought now: $WTIC, AMSC, ARM, BA, CAT, CHK, CLF, COST, CSL, CTB, DDM, EWI, FRO, FXI, GPC
- Toppy here: GIS
- More later. 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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