RH RSI indicates oversold condition

What happened: Shares of several companies, including Nuscale Power (SMR), Owlet (OWLT), International Paper (IP), and Prestige Consumer Healthcare (PBH), entered oversold territory as indicated by their Relative Strength Index (RSI) readings. RSI is a momentum oscillator that measures the speed and change of price movements. Readings below 30 suggest the asset is oversold.

Market impact: These developments could signal buying opportunities for bullish investors, as oversold conditions often precede price reversals. However, the market impact is limited to these specific stocks and may not reflect broader market trends. The S&P 500 ETF (SPY) RSI remains above 44, indicating it's not oversold.

What to watch next: Investors should monitor these companies' upcoming earnings reports. For Nuscale Power, watch for Q2 2023 earnings on August 15. Owlet's Q2 2023 earnings are due on August 10. International Paper and Prestige Consumer Healthcare will report Q2 2023 earnings on July 27 and August 3, respectively. Additionally, keep an eye on the overall market's RSI to gauge broader market sentiment.