- Yi: +10 (as of yesterday's close)
- Now attempting to bottom out: $VIX, ENER, FAZ
- Moderately oversold: DM
- Trying to hold some rising trendline support here: $WTIC and ELY
- Trying to hold the 28 DMA here: $PLAT and ASA
- Up against rising trendline resistance: AA, AAPL, C
- Up against falling trendline resistance here: FCX, FXI, HOGS
- Up against the 65 DMA here: EGPT
- Moderately overbought: CSIQ and GOOG
- Standard overbought here: ATI, B, CLF, CSL, FSLR
- Extremely overbought: CAT
- Toppy here: $DJX, BLL, GPC
- A possible top here for: $OEX, $SPX, ACAS, AXP, DDM, IWM
- 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.
No comments:
Post a Comment