- Yi: +3.9
- AEM, AU and BMY are possibly forming a bottom here.
- ABX, ASA, AXP, CLF, $DJGSP, HD and $XAU are attempting to bottom out in this area.
- IYJ and SBUX are moderately oversold.
- $FXT and STMP are trying to hold rising trend line support.
- IWM is attempting to hold the 65 day.
- $NDX and SMH are attempting to hold the 28 day.
- $VIX are moderately oversold.
- AAPL and UNG are a bit toppy here.
- COPX is 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.
No comments:
Post a Comment