Signals: T.A. update for the open, July 22, 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.

Thursday, July 22, 2010

T.A. update for the open, July 22, 2010.

Yi: +1.895
Trying to bottom out in this area: BBT
Moderately oversold: HCBK and PHI
Trying to hold some rising trendline support: $VIX and LUFK
Attempting to hold the 28 DMA here: EWI
Up against rising trendline resistance: A and FSLR
Up against the 28 DMA here: $HGX, DVY
Now up against some falling trendline resistance: $XAU, ACAS, ASA, B, NAT
Up against the 65 DMA here: $GASO, ARM, DM, EXP, QQQQ, RJZ, SWK, X
Moderately overbought now: $WTIC, CAT, KO, MEOH, WY
A bit toppy here: MOT and TSL
A break out in either direction is on the way for: EEFT
Anything posted here may be off base.

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