QQEW Enters Oversold Territory
On Friday, the First Trust NASDAQ-100 Equal Weighted Index Fund ETF (Symbol: QQEW) experienced a turbulent ride, plunging to $114.70 per share, delving into oversold territory. This plunge marked a signal for investors using the Relative Strength Index (RSI), a scale measuring momentum from zero to 100. A RSI reading below 30 indicates an oversold condition. Currently, QQEW stands at an RSI of 29.4, while the S&P 500 hovers at 32.0.
Interpreting the Market Indicators
With an RSI of 29.4, some see QQEW as poised for a rebound. This low reading suggests that the intense selling pressure might be tapering, hinting at potential entry points for bullish investors to explore.
Exploring the Performance
In a broader context, analyzing QQEW’s one-year performance unveils a volatile journey. The stock touched $95.93 as the lowest point within the 52-week span, while reaching $124.84 as the highest mark. Contrasting this with its recent close at $114.97, First Trust NASDAQ-100 Equal Weighted Index Fund sits 0.9% down for the day.
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The perspectives shared here belong to the author and are not a reflection of Nasdaq, Inc.
