SPDR Portfolio High Yield Bond Getting Very Oversold

In trading on Thursday, shares of the SPDR Portfolio High Yield Bond ETF (Symbol: SPHY) entered into oversold territory, changing hands as low as $23.32 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of SPDR Portfolio High Yield Bond, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 45.5. A bullish investor could look at SPHY's 29.6 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), SPHY's low point in its 52 week range is $22.82 per share, with $24.07 as the 52 week high point — that compares with a last trade of $23.32. SPDR Portfolio High Yield Bond shares are currently trading down about 0.6% on the day.

Find out what 9 other oversold stocks you need to know about »

Also see:

• TJX Companies shares outstanding history
• TRMB shares outstanding history
• MRNS shares outstanding history

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.