In trading on Monday, shares of the ProShares UltraPro Short QQQ ETF ( SQQQ) entered into oversold territory, changing hands as low as $29.38 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 UltraPro Short QQQ, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 79.2. A bullish investor could look at SQQQ's 29.6 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), SQQQ's low point in its 52 week range is $29.3701 per share, with $66.80 as the 52 week high point — that compares with a last trade of $29.41. ProShares UltraPro Short QQQ shares are currently trading down about 2.1% on the day.