VNQ is similar to IYR, which is the main REIT etf that I track. Essentially, yes: The REITs are oversold & more importantly, IYR is also at support with positive divergence forming on the 60-minute & even the daily time frame. I think this is an objective time to take at least a starter position in the REITs, possible a full position with the appropriate stops in place below.

I wouldn’t. I’m in SOXX for what I plan to be a multi-month swing trade or at least multi-week. I do like to reverse swing trades to game counter-trend bounces when the charts indicate a high-probability trade but I don’t see that in SOXX at this time. A bounce, maybe, but I would rather stay short SOXX going into the weekend in case it gaps down on Monday than taking it home long.