- Yi: +4.0
- $CRB, NIB and $WTIC are attempting to bottom out in this area.
- NIB is at the average oversold level.
- $GASO and JJN are moderately oversold.
- $DJGSP and $XAU are trying to hold rising trend line support.
- IYE is up against falling trend line resistance.
- HD and IJH are up against the 28 DMA here.
- AVAV is moderately overbought.
- 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.
No comments:
Post a Comment