TradingMarkets 7 ETFs You Need to Know for Thursday

U.S. markets retreated across the board on Wednesday as oversold conditions prevailed in equity index, country and sector ETFs. Energies and financials were the location of most of the aggressive selling. Top 10-rated ETF PowerRatings funds include: QQQQ, EWJ, IAI.

Here are 7 ETFs You Need to Know for Thursday.

Losing well over 1% on Wednesday, the SPDRS S&P 500 ETF
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closed lower for a fourth consecutive session. It was also the ETF’s third straight close in oversold territory above the 200-day moving average. Plunging by more than 3% was the ProShares Ultra S&P 500 ETF
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, which is also exceptionally oversold.

After a one-day bounce, the ProShares Ultra Oil & Gas ETF
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was back in oversold territory as of the Wednesday close. DIG was down by more than 6% on the day.

Among the top-10 ETF PowerRatings country ETFs closing in oversold territory on Wednesday were the iShares MSCI Taiwan Index Fund ETF
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and the iShares MSCI EAFE Growth Index Fund
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. Both ETFs have closed lower for the past four consecutive trading days and EWT has closed in oversold territory for six days in a row.

Closing higher for a fourth day in a row and deep into overbought territory below the 200-day moving average was the ProShares UltraShort Financials ETF
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. SKF gained more than 5% on Wednesday.

Industrial metals ETFs continued on the defensive on Wednesday, with the Market Vectors Steel ETF
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down over 6%. SLX has closed lower for five consecutive trading days.

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