High Probability ETF Trading: 7 ETFs You Need to Know for Monday (EWZ, FXI, IAU, DGP, XME, QQQQ, QLD)
Ahead of trading on Monday, a number of the major equity index ETFs have moved closer to overbought territory above the 200-day moving average. These ETFs include the ^SPY^,
as well as the ^DIA^.
Among those ETFs pulling back into oversold territory include emerging markets-related ETFs such as those mentioned below, as well as regional funds like the ^EEB^.
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Here are 7 ETFs You Need to Know for Monday.
Two of the most oversold exchange-traded funds (ETFs) trading above the 200-day moving average are also two of the more popular country funds.
These two are the ^EWZ^ (below), and the ^FXI^.
EWZ has closed lower for three out of past four days – and six out of the past seven. The current pullback has put the exchange-traded fund back in oversold territory, the third such close in the past four days.
Precious metals ETFs continue to remain under significant selling pressure ahead of trading on Monday. These increasingly oversold ETFs include the ^IAU^, which has closed below its 5-day moving average for the past four trading days, and the leveraged ^DGP^ (below).
Shares of DGP were in oversold territory earlier last week, and have closed in oversold territory for three out of the past four trading days.
Also oversold above the 200-day moving average is a more broad-based mining ETF: the ^XME^. Shares of XME have closed down for the past two days in a row, with Friday’s close putting the ETF at historically oversold levels.
The ^QQQQ^ is among the more overbought exchange-traded funds in our database going into trading on Monday. Along with its leveraged cousin, the ^QLD^ (below), both the QQQQ and the QLD have closed higher for three days in a row after two-day pullbacks one week ago.
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David Penn is Editor-in-Chief at TradingMarkets.com.