In trading on Tuesday, shares of the Proshares UltraShort QQQ ETF (QID) entered into oversold territory, changing hands as low as $15.0809 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 QQQ, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 71.5.
QID Crowded With Sellers
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts