- Yi: +8.3
- Oversold: $VIX and ZSL
- Moderately oversold: DUST and ONXX
- Trying to hold some rising trendline support: AMAT and SCHH
- Attempting to hold the 65 DMA here: VOD, VZ, X
- Attempting to hold the 28 day: SEE
- Up against rising trendline resistance: QCOM
- Up against the 65 DMA here: EGO
- Up against some falling trendline resistance here: AUQ and GDX
- Moderately overbought now: $DJW-weekly, $GOLD, $XAU, ABX, GE, NUGT, PTEN
- Overbought: $SILVER, $WTIC, $XOI, AGQ, EGPT, EWJ, PGM, RAIL, RJI, SCHC, SHLD, SLV, SLW, SU, XOP
- Extremely overbought now: QCOM and UGA
- A break out in either direction is on the way for: ARMH, GOOG, PGH
- 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.
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