Stock exchange traded funds were under pressure again Thursday as the S&P 500 tried to hold its 50-day moving average, a widely followed technical indicator.

U.S. equities reversed course to the downside Thursday after Federal Reserve Chairman Ben Bernanke in his second day of testimony before Congress said the central bank at this point isn’t prepared to take further action to support the economy.

Markets were also unsettled after Moody’s late Wednesday put its rating on U.S. government debt on review for a possible downgrade.

Yet JP Morgan (NYSE: JPM) was one notable stock gainer after the bank reported solid second-quarter earnings. [Financial ETFs]

Volatility-linked ETFs rallied Thursday, suggesting that debt worries in Europe and Asia have markets on edge. The iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca: VXX) gapped higher and broke through its 50-day moving average.

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