- Yi: +2.9
- Extremely oversold now: BPZ
- Oversold: $BDI-weekly
- Trying to hold some rising trendline support: BMY
- Up against the 28 DMA here: IWM
- Up against falling trendline resistance: $OEX, $WTIC, AA, ACAS, CBK, DDM, DVY, ELY, IBM, LOW
- Up against the 65 DMA here: $WTIC, $XAU, GG, GLW, GOOG, KBE, KFT, MBI
- Moderately overbought now: AXP, CAKE, CAT, FXI, GOOG, GPC, HOGS, IBM, IFN, IYY, KO, MBI
- Toppy here: IDA
- More later, time permitting. 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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