Signals: T.A. update for the open, February 17, 2011.

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, February 17, 2011

T.A. update for the open, February 17, 2011.

Yi: +10
Moderately oversold: AQA.TO and DZZ
Now trying to hold some rising trendline support: CHK
Attempting to hold the 28 DMA here: CBZ
Up against some falling trendline resistance here: GDX
Moderately overbought: DELL, GG, GLD
Standard overbought: ACAS, CLF, CSIQ, IP, IRF
A probable top here for: AAPL
Toppy here: CAT, CSIQ, JASO, MMC, NCR
A break out in either direction is on the way for: AMSC, FCX, HOGS
Anything posted here may be off base.

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