Signals: TA for the open of May 23, 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.

Monday, May 23, 2011

TA for the open of May 23, 2011.

Yi: +8.8, +9, +8.6
A possible bottom here for: $BDI
Now trying to bottom out: ATI, MBI, TSL
Standard oversold: DM, TLB, YUII
Moderately oversold: ATI, EWI, EWJ, JCP, LOW, NOK, PTR, SKS, WSO
Attempting to hold some rising trendline support: AXP and BLL
Attempting to hold the 65 DMA here: DDM, PBY, PTEN, VFC
Trying to hold falling trendline support: CLF, KBE, PBW, SCHB, SCHC
Up against the 28 day moving average: $IIX, $OEX, MMI
Up against some falling trendline resistance: $DJX, $SPX, ACAS, ACH
Up against the 65 DMA here: AVAV
Moderately overbought: DGP, GLD, SLE
Toppy here: CNK, KFT, PEG, PEP, PG, XLU
A break out in either direction is on the way for: BGS, STX, ZSL
Anything posted here may be off base.

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