Invesco QQQ ETF Falls into Oversold Territory Amid Market Volatility
On Thursday, shares of the Invesco QQQ ETF (Symbol: QQQ) dropped into oversold territory, trading as low as $450.87 per share. The oversold condition is determined using the Relative Strength Index (RSI), a technical analysis tool that measures market momentum on a scale from zero to 100. An asset is classified as oversold when its RSI falls below 30.
For Invesco QQQ, the RSI reading stands at 29.1. In comparison, the S&P 500 has an RSI of 30.7, indicating slightly stronger momentum. A bullish investor may interpret QQQ’s RSI of 29.1 as a signal that recent selling pressure is beginning to wane, potentially creating entry points for buying opportunities.
Analyzing its one-year performance (see chart below), QQQ’s 52-week low is $413.07 per share, while its peak reaches $540.81. The most recent trade price is $451.06, reflecting a decline of approximately 5.2% on the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
