- Yi: +5.3, +5.6
- Now up against the 65 DMA here: $CRB and $DJW-weekly.
- Moderately overbought: $GOLD, $IIX, $XAU
- Toppy here: $NYA50R-weekly chart.
- Anything posted here may be off base, and there may be some more work posted before the market closes.
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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