- Yi: +5.8
- $PLAT and $SILVER are now moderately oversold.
- SBUX, SGG, and UNG are now up against falling trend line resistance.
- HPQ and IJH are now up against rising trend line resistance.
- CANE, IYJ, IWM, and MDY are a bit toppy here.
- C, CHK, CIEN, $NDX and SMH may be forming a top here.
- $NYA50R is getting ready to break out, probably on the downside.
- 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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