U.S. equity markets marched higher still on Thursday, pushing overbought markets in the ^IWM^ even deeper into overbought territory above the 200-day moving average.
Gold and commodity related ETFs – from the ^GLD^ to the ^GSG^ had been among the more oversold funds going into Wednesday’s trading, rebounded somewhat on the day.
Here are 7 ETFs You Need to Know for Friday.
Buyers were most aggressive in the financial sector, helping send the ProShares Ultra Financials ETF ^UYG^ higher by well over 1%. Closing at extreme levels below the 200-day moving average for a seventh straight session was UYG’s counterpart, the ProShares UltraShort Financials ETF ^SKF^
Leveraged ETF PowerRatings. Quantified. Backtested. Free for a week. Click here to learn more.
Two country funds will take top ETF PowerRatings into trading on the final working day of the week. The ^ECH^ and the ^TUR^ both earned major ETF PowerRatings upgrades late in trading on Thursday.
Strength in technology has contributed toward making the ^QQQQ^ and its leveraged version, the ^QLD^ the two most overbought exchange-traded funds in our database. Our research suggests that short-term traders may be better off waiting for these funds to pull back before taking new positions.
Pulling back into oversold territory above the 200-day moving average on Thursday was the ^UUP^.