Signals: Morning Update May 3, 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.

Wednesday, May 3, 2017

Morning Update May 3, 2017.

Yi: +10.4
CHK, DFS, JCP and SHLD are attempting to bottom out.
AGQ, BBBY, BBGI and $SILVER are at the average oversold level.
CALM, $GOLD, SLW and VFC are moderately oversold.
DBP is attempting to hold rising trend line support.
GM is attempting to hold falling trend line support.
CSIQ and GPC are attempting to hold the 65 DMA.
BGS is attempting to hold the 28 DMA.
CW and DBA is up against the 65 DMA.
CAKE is up against rising trend line resistance.
AIG, DNKN, S and SYMC are moderately overbought.
HPQ, MSFT, $NDX and NFLX are at the average overbought level.
FB, IRBT and QLD are extremely oversold.
B, CC, GBTC and YYY are toppy.
BBRY is possibly forming a top here.
BABA has gone parabolic.
DM, PRU, $SPX, $USD and WOR are setting up to break out either up or down.
Anything posted here may be off base.

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