SPDR Portfolio S&P 500 ETF Hits Oversold Territory
During trading on Monday, shares of the SPDR Portfolio S&P 500 ETF (Symbol: SPLG) fell into oversold territory, reaching a low of $65.35 per share. The measurement of oversold conditions utilizes the Relative Strength Index (RSI), a technical indicator assessing momentum on a 0 to 100 scale. Generally, a stock is deemed oversold if its RSI drops below 30.
Currently, SPLG has an RSI reading of 29.0, while the S&P 500 stands at 28.9. For bullish investors, this RSI figure may suggest that the recent intense selling pressure is beginning to wane, raising the potential for favorable buy opportunities.
In examining SPLG’s one-year performance, it has recorded a low of $58.085 within its 52-week range and a high of $72.14, with the last trade observed at $65.91. Presently, shares of the SPDR Portfolio S&P 500 are down approximately 2.5% for the day.
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The views and opinions expressed herein are those of the author and do not necessarily represent those of Nasdaq, Inc.
