- Yi: +5.7
- Extremely oversold: $VIX
- Trying to hold rising trend line support: AEM and BGS
- Attempting to hold the 28 DMA here: ABX, CANE, GLD
- Up against falling trend line resistance: CWI
- Up against rising trend line resistance: $DJW
- Moderately overbought: AIG, AXP, B, COH, $COPPER, CPER, CVGRX, DIS, EGPT, IYG, IWM, MDY, NIB, $NYA50R
- Toppy here: AA and BMY
- A possible top is in place for: CAR
- 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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