In the case of ProShares Short MidCap 400, the RSI reading has hit 28.6 — by comparison, the RSI reading for the S&P 500 is currently 77.7. A bullish investor could look at MYY's 28.6 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), MYY's low point in its 52 week range is $15.53 per share, with $20.15 as the 52 week high point — that compares with a last trade of $15.53. ProShares Short MidCap 400 shares are currently trading down about 1.6% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
