S&P 500 Equal Weight ETF Hits Oversold Levels: What It Means for Investors
On Monday, trading revealed that shares of the Invesco S&P 500 Equal Weight ETF (Symbol: RSP) dropped into oversold territory, with prices reaching as low as $174.73 per share. The term “oversold” is identified using the Relative Strength Index (RSI), a technical indicator measuring momentum from 0 to 100. Generally, stocks are deemed oversold when their RSI falls below 30.
Currently, RSP’s RSI reading stands at 29.4, notably lower than the S&P 500’s RSI of 42.9. For bullish investors, this lower RSI might suggest that the recent selling pressure is beginning to wane, signaling potential buying opportunities.
A glance at RSP’s performance chart over the past year shows a 52-week low of $153.10 per share and a high of $188.16. The most recent trade was at $175.02, indicating a slight decline of about 0.9% for the day.
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Additional Resources:
- Funds Holding MOHO
- IWFH Videos
- CSI Split History
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
