Social Media ETF

The social media space has seen serious declines this year, as reflected on the Global X Social Media Index Fund (ETF) weekly chart. It nearly doubled in price from its 2012 low to its high in March of this year and has since retraced 50% of that gain. The relative strength index is nearing an oversold condition and the money flow index, a volume-weighted version of the RSI, has reached an oversold level, but there is still much technical work to be done. If the sector can repair some of the damage the zone between the 50% and the 62% retracement levels would be a good place to start.