SPDR Portfolio S&P 500 High Dividend ETF Hits Oversold Marker
Investors Eye Potential Buying Opportunities as RSI Falls Below Key Threshold
On Friday, shares of the SPDR Portfolio S&P 500 High Dividend ETF (Symbol: SPYD) traded as low as $42.39 each, even entering what traders often call “oversold” territory. The term “oversold” is determined by the Relative Strength Index (RSI), a well-known technical analysis tool that evaluates a stock’s momentum on a scale from zero to 100. Typically, a stock is classified as oversold when its RSI drops below 30.
Currently, the RSI for SPDR Portfolio S&P 500 High Dividend is measured at 29.9, while the broader S&P 500 has a higher RSI reading of 40.5. This indicates that SPYD is experiencing significant selling pressure.
For bullish investors, the recent RSI reading of 29.9 could suggest that persistent selling might be nearing its end. Some may see this as an opportunity to consider buying shares at a lower price.
Reviewing SPYD’s performance over the past year, its 52-week low is recorded at $37.35, while the high reached $47.52. As of the last trade, the price stood at $42.31, reflecting a small decline of about 0.9% for the day.
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Additional Information:
- LAX shares outstanding history
- AEAC YTD Return
- CCO market cap history
The views expressed here are those of the author and may not represent the views of Nasdaq, Inc.
