- Yi: +16.78
- GE is possibly forming a bottom in this area.
- $VIX is trying to bottom out.
- DRI and $UST30Y are moderately oversold.
- C, CLF, DAL, CTB, GT, MGA and TKR are up against the 28 DMA.
- CC and KMB are up against the 65 DMA.
- BWA, CPER and UGP are up against falling trend line resistance.
- BA and CWI are up against rising trend line resistance.
- AQUA, AHH, BABA, BAL, CW, EROS, FNG, IJH, IJR, IWM, MDY, MTH, NDAQ, $NDX, SCHB, SCHX, SNA, STX, TWTR and WYN are all moderately overbought.
- CVGRX, DE, FXI, HD, LEN, MRVL and VOT are at the average overbought level.
- CALM, COST, HSNI, PPC and TILE are toppy.
- ALL, CREE, CSCO and GDDY are possibly forming a top in this area.
- AMTD, BMY, DIS, MET, PG and USB are setting up to break out either up or down.
- 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