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- According to the relative strength index indicator, the Invesco S&P 500 Equal Weight Energy ETF (NYSEARCA:RYE) is in overbought territory. On a YTD chart, RYE has an RSI of 74.94, which is north of the standard 70 overbought level.
- When viewing RYE on a YTD chart, investors will notice each time the fund hit the overbought territory, it sells off to the downside shortly after. Energy funds have been red hot, as RYE is not the only overbought fund, according to the RSI. Other ETFs include (NYSEARCA:FRAK), (BATS:IEO), (NYSEARCA:NRGU), (NYSEARCA:PXE), and (NASDAQ:FTXN).
- The Energy Select Sector SPDR ETF (NYSEARCA:XLE) set a new 52-week high on Monday and is now approaching a 21-month high as momentum continues to push the energy sector higher.
