U.S market marched higher still on Wednesday, extending overbought conditions in most equity index ETFs. Closing at radically overbought levels for the fourth consecutive day were the ^SPY^ and the ^QQQQ^.
Financials were the biggest gainers on the day, with the ^UYG^ gain of over 2% representative of the group.
Here are 7 ETFs You Need to Know for Thursday.
Commodity-based exchange-traded funds are among those with the highest ETF PowerRatings going into trading on Thursday. Earning upgrades late in trading on Wednesday were the ^DJP^ and the ^GDX^.
Among top-rated leveraged ETF PowerRatings funds ahead of Thursday’s trading, the upgrade from 6 to 9 by the ^SSG^ was by far the most significant.
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Growing confidence on the economy has helped encourage selling in safer areas like those represented by ^XLP^, which pulled back to the edge of oversold territory late in trading on Wednesday.
The lowest rated ETF for Thursday? The ^EWG^ earned an ETF PowerRatings downgrade to 1 late in trading on Wednesday.
Also reflecting potential reversal in European-based exchange-traded funds were the downgrades in the ^EWP^ and the ^VGK^.