TradingMarkets 7 ETFs You Need to Know for Thursday
Profit-taking was most pronounced in energy shares on Wednesday, helping stem increasingly overbought conditions in energy ETFs. Asian markets ETFs were also lower on the day, with Chinese ETFs on balance more oversold than Japanese ETFs.
Here are 7 ETFs You Need to Know for Thursday.
The Diamonds Trust Series 1 ETF
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PowerRating) continued to pullback from overbought extremes below the 200-day moving average, losing more than 1% late in the trading session.
Lower prices for crude oil meant lower levels for energy ETFs, which were among those most aggressively sold on Wednesday. Moving toward oversold territory below the 200-day moving average was the Energy Select Sector SPDRS ETF
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PowerRating), which closed down for a second consecutive day.
Technology ETFs were also under selling pressure on Wednesday, as profit-taking in Verizon Communications
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PowerRating), as well as for more specific technology ETFs such as those linked to telecommunications stocks like the Vanguard Telecom Services ETF
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PowerRating) and those based on semiconductor stocks like iShares S&P North American Technology – Semiconductor ETF
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PowerRating).
Rallying from Tuesday’s oversold extremes above the 200-day moving average, the SPDRS Gold Shares ETF
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PowerRating) bounded higher by more than 1% on Wednesday. GLD still remains below its 5-day moving average and is not yet overbought based on its 2-period RSI in the mid-50s.
Selling continued in emerging markets ETFs, including the iShares FTSE/Xinhua China 25 Index ETF
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PowerRating), which closed lower for a second day in a row below the 200-day moving average.
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