- Yi: +2.6
- Now attempting to bottom out: DBP and $VIX
- Up against the 65 day moving average here: CAKE, CTB, DBP
- A bit toppy here: AIG, DIS, $DJW, IJH, IJR, IYG, IWM, MDY, $NDX, SMH, XLF, XLK
- And as is always the case, anything posted here could 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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