In trading on Wednesday, shares of the SPDR S&P 600 Small Cap Growth ETF ( SLYG) entered into oversold territory, changing hands as low as $175.97 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 SPDR S&P 600 Small Cap Growth, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 36.9. A bullish investor could look at SLYG's 29.8 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), SLYG's low point in its 52 week range is $148.00 per share, with $193.86 as the 52 week high point — that compares with a last trade of $177.33. SPDR S&P 600 Small Cap Growth shares are currently trading down about 0.3% on the day.