Among major equity index exchange-traded funds, the iShares Russell 2000 Index Fund ETF ^IWM^, is the most oversold, closing at its lowest level in four days.
Sectorwise, sellers were most aggressive with consumer cyclicals, contributing to a new, short-term closing low in the Consumer Discretionary Select Sector SPDRS ETF ^XLY^. By contrast, the Technology Select Sector SPDRS ETF ^XLK^, closed in overbought territory above the 200-day moving average for an eighth consecutive trading day on Wednesday.
Here are 7 ETFs You Need to Know for Thursday.
The iShares S&P 500 Value Index Fund ETF ^IVE^ is among the top ETF PowerRatings Funds going into Thursday’s trading. The fund, which includes stocks like J.P. Morgan Chase ^JPM^ and General Electric ^GE^, also had one of the biggest PowerRatings upgrades on Wednesday, climbing four points from an ETF PowerRating of 5 to an ETF PowerRating of 9.
Among the higher rated country ETFs for Thursday is the Vanguard Pacific ETF ^VGK^, which earned an ETF PowerRating of 8 after falling to its lowest levels since November intraday on Wednesday.
Going back to 2003, the highest rated ETF PowerRatings funds made significant short term gains nearly 80% of the time in our simulated backtests. Click here to learn more about trading with ETF PowerRatings.
Buyers continued to be aggressive in the commodity sector, especially in energy, making the iShares S&P GSCI Commodity Indexed Trust ETF ^GSG^ one of the most overbought exchange-traded funds in the market.
A number of country ETFs have also been trading at significant overbought extremes and are increasingly vulnerable to pulling back. These include the iShares MSCI Australia Index Fund ETF ^EWA^ and the iShares MSCI United Kingdom Index Fund ETF ^EWU^, both of which have closed in overbought territory above the 200-day moving average for more than four days.
Precious metals exchange-traded funds remain some of the more oversold ETFs in the market. Both the iShares Silver Trust ETF ^SLV^ and the Market Vectors Gold Miners Fund ETF ^GDX^ closed with 2-period RSIs of less than 15 on Wednesday.