Signals: Early Morning Update 12-16-2016.

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.

Friday, December 16, 2016

Early Morning Update 12-16-2016.

I is attempting to bottom out in this area.
AEM, AU, CEF, GDX, GFI, GG, JNUG, NUGT, SHLD and UGLD are extremely oversold.
EROS is at the average oversold level.
ATI is moderately oversold.
IP is attempting to hold rising trend line support.
GDX is attempting to hold falling trend line support.
CHK and GE are attempting to hold the 65 DMA.
CAT, MMC, MTH, NAT and RAIL are attempting to hold the 28 DMA.
PYPL is up against the 28 DMA.
BMY is moderately overbought.
MCD, MSFT and ORCL are a bit toppy at this level.
TSM is setting up to break out either up or down.
Anything posted here may be off base.

No comments:

Subscribe to: Post Comments (Atom)