Signals: Morning Update May 16, 2017.

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.

Tuesday, May 16, 2017

Morning Update May 16, 2017.

Yi: +10.8
CW and DFS are possibly forming a bottom at this level.
ATI, BBBY, CLF, DPS, GE and JWN are attempting to bottom out.
JCP, and M are extremely oversold.
PAG is at the average oversold level.
CAKE, CTB, DUST, F, LPL and WFC are moderately oversold.
DNB and IP are attempting to hold the 28 DMA.
COPX and $DJTENG are up against falling trend line resistance.
AEM, $DJGSP, GFI, NUGT, RGLD and UGP are moderately overbought.
$FTSE is at the average overbought level.
DRI and RAIL are toppy.
CL, FB, PETX, PG and USB are setting up to break out either up or down.
Anything posted may be off base.

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