- Yi: +8.6
- WEAT is possibly forming a bottom in this area.
- TSM is up against the 65 DMA.
- ANF, CIEN, HMC, SFTBY, SMH and YUM are moderately overbought.
- FLO, IJH, IJR, IR, IWM and IYE are at the average overbought level.
- IYG and MDY are extremely overbought.
- DRI, MSI, NOV, PAG, PRU, WEN and WFC are in the toppy area at this level.
- CW and FL are possibly forming a top in this area.
- FLO has gone parabolic.
- 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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