High Probability ETF Trading: 7 ETFs You Need to Know for Friday (JNK, HYG, EZU, XLK, IEV, VGK, SPY)
Country funds from Europe to Asia pulled back deeper into oversold territory above the 200-day moving average. Lower, but not quite yet at oversold levels are ETFs like the ^EWH^ and the ^VEU^.
Energy continues to be the strongest sector, with the ^XLE^ closing higher for eight out of the past nine days. Financials, by contrast, have lagged, with the ^UYG^ pulling back by well over 1% on Thursday.
Here are 7 ETFs You Need to Know for Friday.
Profit-taking in high yield corporate bond ETFs have been significant over the past week. Down five days in a row ahead of Friday’s open were the ^JNK^ and the ^HYG^.
Among the most oversold country funds in our database going into the final trading day of the week is the ^EZU^ (below).
EZU has closed lower for five consecutive trading days as of Thursday’s close.
Pulling back into oversold territory above the 200-day moving avearge ahead of Friday’s open is the ^XLK^ (below).
Shares of XLK have closed lower for two days in a row, with the most recent close in oversold territory.
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European continues to be a source of trading anxiety, as revealed in the continued selling in exchange-traded funds (ETFs) like the ^VGK^ and the ^IEV^, both down for five straight trading days.
Pulling back to just outside of oversold territory above the 200-day moving average on Thursday was the ^SPY^.
Closing lower for three out of the past four trading days, the SPY is likely to find itself in oversold territory on any significant follow-through selling.
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David Penn is Editor-in-Chief at TradingMarkets.com.