- Yi: +4.85 (We are starting to get overbought in the stock market again.)
- Now trying to bottom out: BBT
- Moderately oversold now: AMAT
- Trying to hold some rising trendline support: JOSB
- Attempting to hold the 28 DMA here: $GOLD-weekly
- Trying to hold falling trendline support: $VIX
- Now up against some rising trendline resistance: $SPX, ACH, BA, BBT, DDM, NOK, PLL
- Up against falling trendline resistance: $GOLD
- Up against the 65 DMA here: BPZ and KBE
- Moderately overbought now: B, BGS, EWA, EWJ, GLW, GPC, IBM, IFN, LUFK, MBI, MEOH, MFE, MMC, NM, PGM, PHI
- Overbought: $CRB, $NYA50R-weekly, ARM, AVP, CAT, CLF, EWI, FCX, FXI, GF, KO
- Toppy here: HOGS
- A break out in either direction is on the way for: PBW
- 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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