Signals: T.A. update for the open, July 29, 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 29, 2010

T.A. update for the open, July 29, 2010.

Yi: +3.78
Now trying to bottom out: $GOLD, $VIX, GDX, GLD, NEM, RGLD
Oversold: ABX and AEM
Moderately oversold: $XAU, OCR, SLV
Trying to hold some rising trendline support: $CRB, AVAV, COGO, GMR, JOSB, RAIL
Attempting to hold the 65 DMA here: CLF
Up against the 28 day: PRBLX-weekly
Up against falling trendline resistance: BBT
Up against the 65 day: SKS, UYG, WFC
Moderately overbought now: $DJX, AAPL, BGS, SSO, URE, XLU
Overbought: NST
Toppy here: $DJX, $NYA50R
Anything posted here may be off base.

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