- Yi: +3.7
- COST and DF are trying to bottom out.
- ATI, EWA, IYG, and $NYA50R are moderately oversold.
- $FTSE and IJR are attempting to hold the 65 day moving average.
- IYG and STMP are attempting to hold the 28 day moving average.
- UNG is moderately overbought.
- $BDI is at the average overbought level.
- CHK is possibly forming a top here.
- Anything posted here may be off base, depending on market conditions.
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.
No comments:
Post a Comment