- Yi: +0.32 (We are very close to the zero line now, which sometimes acts as an area of support for the market, and if not, then we may have to see the -4 or -5 area.)
- Probable bottom here for: NOK
- Trying to bottom out here: $CRB, $DJW, $HGX, $IIX, $NYA50R, $SPX, A, ACF, AXP, DDM, EWA, EWI, FCX, GPC, PGM, RJI, RJZ, TSM
- Extremely oversold: ACH, BPZ, X
- Normal oversold: $HGX, $OEX, $PLAT, A, ACF, AXP, BA, BAC, CAT, CLF, DDM, FCX, FUQI, KBE, LMT, MSCC, MTH, QLD, ROK, SSO, TKR, UYG, WATG, WFR, WOR, WY, XLF
- Moderately oversold: $WTIC, CSL, CTB, DM, F, PEP, PGM, QQQQ, UGP, WSO
- Now trying to hold some rising trendline support: AMAT, AMSC, COST, KFT
- Trying to hold falling trendline support: AA, B, BA
- Now up against the 65 DMA: AEM and ASA
- Moderately overbought: $VIX and BMY
- Overbought: GLD
- Extremely overbought: $USD
- 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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