Signals: T.A. update for the open, July 7, 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.

Wednesday, July 7, 2010

T.A. update for the open, July 7, 2010.

Yi: -0.5
A possible bottom here for: $NYA50R, $XOI, GOOG
Trying to bottom out in this area: $WTIC, ACAS, CBZ, GDX
Oversold: AEM and BPOP
Moderately oversold: ASA and GG
Now trying to hold on to some rising trendline support: $GOLD-weekly, $XAU, ABX
Attempting to hold falling trendline support: CLF
Now up against some falling trendline resistance: AA, AVAV, CNK, CSL, LPL
Up against the 65 DMA here: GF and JASO
Anything posted here may be off base.

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