- Yi: +1.945
- Trying to bottom out in this area: $USD, AEM, CNK
- Oversold: AEM and BAC
- Moderately oversold: $GOLD, $HGX, $XAU, AA, ABX, AMSC, ASA, B, BA, BBT, CAKE, CBZ, CHK, CNK, COST, CSL, EGO, ELN, ELY, ENER, EWJ, GDX, GE
- Trying to hold some rising trendline support: AVAV, COGO, DM
- Attempting to hold the 28 DMA: $DJX, $IIX, ACF, AXP, DVY
- Trying to hold falling trendline support: A
- Up against the 65 DMA: $VIX
- 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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