The Proshares Ultrashort Real Estate (AMEX: SRS) ETF held above its 200-day moving average during the recent rally.

Short sellers of real estate investment trusts took a bit of a beating of late, with SRS pulling back some 40% since January.

But the market's negative reversal of the last few days has given this short selling ETF an interesting looking chart.

The fund held above its 200-day moving average, suggesting that at least some investors are willing to bet on another up leg in the fund, which means another down leg it real estate investment trusts.

If indeed commercial real estate is about to head into some trouble, this fund would be one to keep a very close eye on in the near future.

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