In trading on Monday, shares of the Direxion S&P 500 DRRC Index Volatility Response Shares ETF ( VSPY) entered into oversold territory, changing hands as low as $52.68 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 Direxion S&P 500 DRRC Index Volatility Response Shares, the RSI reading has hit 26.9 — by comparison, the RSI reading for the S&P 500 is currently 33.7. A bullish investor could look at VSPY's 26.9 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), VSPY's low point in its 52 week range is $45.07 per share, with $55.89 as the 52 week high point — that compares with a last trade of $52.71. Direxion S&P 500 DRRC Index Volatility Response Shares shares are currently trading down about 2.4% on the day.