Country Funds, Tech Climb to Overbought Levels Below 200-Day

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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 ( GLD ) and the iShares COMEX Gold Trust ( IAU ) 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 ( TYH ) and the ProShares Ultra QQQ ( QLD ) , which made their gains just three days after highlighting them in 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.

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The iShares MSCI Australia Index Fund ( EWA ) 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 ) . 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.

The iShares MSCI South Africa Index Fund ( EZA ) 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 ( XLK ) are up for three in a row after gaining more than 1% on Thursday. The Materials Select Sector SPDR Fund ( XLB ) 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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David Penn is Editor in Chief of TradingMarkets.com



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Stocks

Referenced Stocks: EWZ , GLD , IAU , QLD , XLB

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