Buyers Drive Silver, Gold Funds into Overbought Territory: 7 ETFs You Need to Know for Monday
Heading into trading on Monday, most equity index ETFs are in or near overbought territory above the 200-day moving average. But there may be no more overbought market than the market for precious metals related funds, both gold and silver, as noted below.
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Here are 7 ETFs You Need to Know for Monday.
The most overbought exchange-traded funds (ETF) in our database is the ^SLV^. The SLV has closed higher for seven consecutive trading days, all seven of which have been in overbought territory above the 200-day.
Also extremely overbought above the 200-day is the ^IAU^ (below).
Shares of IAU have closed higher for seven consecutive trading days heading into trading on Monday.
Up three days in a row, the ^EWJ^ has become overbought below the 200-day moving average.
Last week’s rally in the ^QQQ^ took the ETF to its highest level since mid-February. The QQQ has closed in exceptionally overbought territory for the past two days in a row, closing with a 2-period RSI of more than 90.
Many inverse leveraged ETFs have closed lower for three or more days in a row. This includes funds like the Direxion Energy Bear 3x Shares ^ERY^ (below), which has closed lower for six out of the past seven trading days.
Down three in a row, and four out of the past five, is the ^FAZ^.
The ^FXI^ (below) has closed at its highest level of the year, and is now in overbought territory above the 200-day moving average.
Strength in the FXI has been matched by strong buying in a number of emerging markets funds, both in Asia and in the Americas.
David Penn is Editor in Chief of TradingMarkets.com