- Yi: +5.0
- DBA is trying to bottom out in this area.
- UNG is attempting to hold the 65 day.
- IYG is up against falling trend line resistance.
- BAC is up against the 28 day.
- AA, BMY and $WTIC are moderately overbought.
- IYE is at the average overbought level.
- CAT and SMH are toppy here.
- AAPL, $DJW, IWM, MDY, $SPX and STMP are setting up to break out in either direction.
- Anything posted 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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