Among major equity index exchange-traded funds, the ^IWM^, is the most oversold, closing at its lowest level in four days.
Sectorwise, sellers were most aggressive with consumer cyclicals, contributing to a new, short-term closing low in the ^XLY^. By contrast, the ^XLK^, closed in overbought territory above the 200-day moving average for an eighth consecutive trading day on Wednesday.
Here are 7 ETFs You Need to Know for Thursday.
The ^IVE^ is among the top ETF PowerRatings Funds going into Thursday’s trading. The fund, which includes stocks like ^JPM^ and ^GE^, also had one of the biggest PowerRatings upgrades on Wednesday, climbing four points from an ETF PowerRating of 5 to an ETF PowerRating of 9.
Among the higher rated country ETFs for Thursday is the ^VGK^, which earned an ETF PowerRating of 8 after falling to its lowest levels since November intraday on Wednesday.
Going back to 2003, the highest rated ETF PowerRatings funds made significant short term gains nearly 80% of the time in our simulated backtests. Click here to learn more about trading with ETF PowerRatings.
Buyers continued to be aggressive in the commodity sector, especially in energy, making the ^GSG^ one of the most overbought exchange-traded funds in the market.
A number of country ETFs have also been trading at significant overbought extremes and are increasingly vulnerable to pulling back. These include the ^EWA^ and the ^EWU^, both of which have closed in overbought territory above the 200-day moving average for more than four days.
Precious metals exchange-traded funds remain some of the more oversold ETFs in the market. Both the ^SLV^ and the ^GDX^ closed with 2-period RSIs of less than 15 on Wednesday.