- QID is now extremely oversold.
- LPL is at the average oversold level.
- O is attempting to hold the 28 DMA.
- SHLD, SNA and VFC are up against the 28 DMA.
- TSL is up against rising trend line resistance.
- IYG, JPM, NUS, PEGI, PRU, UGP and XON are moderately overbought.
- PG, SMH, V, WFC, X, XLY and XLK are at the average overbought level.
- QLD is extremely oversold.
- MCD, SCHB, SCHX and YUM are toppy at this level.
- STMP, STX and VOT are possibly forming a top here.
- MMC 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.
No comments:
Post a Comment