In trading on Wednesday, shares of the Proshares UltraShort Consumer Services ETF (SCC) entered into oversold territory, changing hands as low as $20.75 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.In the case of Proshares UltraShort Consumer Services, the RSI reading has hit 28.1 — by comparison, the RSI reading for the S&P 500 is currently 64.8.
SCC Crosses Critical Technical Indicator
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