- Yi: +0.55
- A possible bottom here for the: $BDI
- Up against some falling trendline resistance: $DJX, $OEX, ARMH, ASA, AXP
- Moderately overbought now: $PLAT and AEM
- A break out in either direction is on the way for: The $BDI weekly chart.
- 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