In my last
5 ETFs for the Next 5 Days column
, I pointed out potential opportunities in both gold and leveraged
technology ETFs. By way of recap, both the
SPDR Gold Shares
) and the
iShares COMEX Gold Trust
) have since rallied into strength, closing with 2-period RSIs of
more than 70. The same is also true for the technology-related
funds from my last ETF report: the
Direxion Technology Bull 3X Shares
) and the
ProShares Ultra QQQ
) , which made their gains just three days after highlighting them
5 ETFs for the Next 5 Days
Heading into trading on Friday and looking into the coming week,
markets are overbought after rallying for three days in a row below
the 200-day moving average. As such, edges have shifted toward the
short side, and traders will likely be looking for opportunities to
fade the current market advance in the near term.
Here are 5 ETFs for the Next 5 Days
iShares MSCI Australia Index Fund
) rallied to close in overbought territory below the 200-day for a
second day in a row. The fund, which finished at a new, 7-day
closing high, gained more than 4% in Thursday's session.
Up almost 5% ahead of trading on Friday was the
iShares MSCI Brazil Index Fund
) . EWZ, which has been trading below its 200-day moving average
since early May, has closed higher for three days in a row, the
most recent finish in overbought territory below the 200-day.
iShares MSCI South Africa Index Fund
) has also gained for each of the past three days and is now
overbought below its 200-day moving average. EZA ended the day on
Thursday up by more than 2%.
Recent gains in both technology and basic materials have
exchange-traded funds representing those sectors climbing into
overbought territory below the 200-day ahead of trading on Friday.
Shares of the
Technology Select Sector SPDR Fund
) are up for three in a row after gaining more than 1% on Thursday.
Materials Select Sector SPDR Fund
) added more than 2%, closing in overbought territory below the
200-day moving average for the past two days in a row.
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is Editor in Chief of TradingMarkets.com