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SPXU Crowded With Sellers

Fri, Feb 1, 11:26 AM ET, by ETF Channel

In trading on Friday, shares of the Proshares UltraPro Short S&P500 ETF (SPXU) entered into oversold territory, changing hands as low as $31.45 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 S&P500, the RSI reading has hit 28.6 by comparison, the RSI reading for the S&P 500 is currently 71.6.

A bullish investor could look at SPXU's 28.6 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), SPXU's low point in its 52 week range is $31.45 per share, with $60.01 as the 52 week high point that compares with a last trade of $31.70. Proshares UltraPro Short S&P500 shares are currently trading off about 1.9% on the day.

Proshares UltraPro Short S&P500 1 Year Performance Chart


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Read the original article at ETF Channel: SPXU Crowded With Sellers


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