- Yi: +5.7
- CANE is at the average oversold level.
- $NDX and SFTBY are up against falling trend line resistance.
- $WTIC is up against the 65 DMA here.
- HD and SBUX are moderately overbought.
- $SPX is at the average overbought level.
- IJH, MDY and SBUX are toppy here.
- AA is possibly forming a top here.
- BMY is setting up to break out ether up or down.
- 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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