The aggressive selling at midweek created the deepest pullbacks in sectors like energy and basic materials. The ProShares Ultra Oil & Gas (DIG) and the Materials Select Sector SPDR Fund (XLB) both moved lower into oversold territory above the 200-day moving average.
Asian country funds have begun a retreat to new short term lows. Included among these increasingly oversold ETFs are funds like the iShares MSCI Taiwan Index Fund (EWT), which lost more than 2% on Wednesday.
Here are 7 ETFs You Need to Know for Thursday.
Major equity index exchange-traded funds like the SPDR S&P 500 ETF (SPY) and the DIAMONDS Trust (DIA) both pulled back to the edge of oversold territory above the 200-day moving average on Wednesday.
Among the highest rated ETF PowerRatings funds going into trading on Thursday are the iShares S&P Latin American 40 Index Fund (ILF) and the iShares MSCI Japan Index Fund (EWJ). EWJ earned one of the largest ETF PowerRatings upgrades of the day on Wednesday.
Now available in paperback! Short Term Trading Strategies That Work: A Quantified Guide to Trading Stocks and ETFs by Larry Connors includes 16 backtested trading strategies including the Double 7s Strategy. Click here to order your copy today.
Gold-related exchange-traded funds for both bullion and miners plunged on Wednesday, with both the SPDR Gold Trust ETF SPDR Gold Shares (GLD) and the Market Vectors Gold Miners ETF (GDX) pulling back by more than 2% and 4% respectively.
The most oversold ETF in our database ahead of Thursday's trading? Outside of the currency and commodity-related ETFs, the most oversold exchange-traded fund trading above the 200-day moving average is a country fund: the iShares MSCI Canada Index Fund (EWC), which has a 2-period RSI of less than 6.
