- Yi: +5.9
- At the average oversold level: BMY
- Trying to hold rising trend line support: DF
- Attempting to hold the 65 DMA here: AU
- Attempting to hold the 28 DMA here: $DJGSP and GLDI
- Up against falling trend line resistance: CIEN and STMP
- Up against the 65 day DMA here: DBC
- Up against the 65 day DMA here: DBA
- Up against rising trend line resistance: CWI, EFV, $FTSE, IJH, IJR, IWM, MDY, $NDX
- Moderately overbought: ANF, AXP, BAC, C, CANE, VAR, CIEN, $FTSE, NIB, SGG
- At the average overbought level: AIG and IYG
- Toppy here: GOOG and XLK
- A possible top in place for: B
- 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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