S&P500 vs SPY: Beware, Two Different Measures

It is interesting to note that the SPY ETF is not the same as the average of the S&P500 companies.

Currently, the average RSI7 of the S&P500 companies is 62.12, while the RSI7 os the SPY is 70.11. While SPY is slightly overbought, the average S&P500 is not. So, beware of using SPY (or SPX) as oversold/overbought indicators.

RSI7 of ETFs I track:

UNG 33.17498356
SPY 70.11653517
IWM 66.83132418
XLF 64.49219074
DIA 70.00764774
USO 61.59017271
^VIX 46.53031024


Most overbought companies in the S&P500 August 24 EOD (top companies to short):

average 62.12425041
DPS 91.418641
CNP 89.57874075
VAR 88.67036221
C 88.45163573
MHS 86.87299299
LO 86.30462197
MO 85.796347
RAI 84.93612035
AIG 84.38874105
CCE 84.15130046
RRC 84.07498634
FE 83.76547564
AVY 83.74926154
PDCO 82.94770473
BMY 82.4668091
AOC 82.09383764
FRX 82.02167951
NU 81.85634246
AEE 80.86982402
DFS 80.41739103
ESRX 80.26497732