TradingMarkets 7 ETFs You Need to Know for Wednesday

Stocks pulled back after the strong gains of the past few days, giving a boost to short and leveraged short funds that had been pulling back of late. Exchange-traded funds from around the world, especially in Latin America, continued lower and technology related ETFs - including the technology heavy Nasdaq - remained steady after multiple higher highs and consecutive up days.

Here are 7 ETFs You Need to Know for Wednesday.

The iShares MSCI Emerging Markets Index, EEM (EEM | Quote | Chart | News | PowerRating) continued to move lower and is now testing levels not seen on a closing basis since August 2007.

The ProShares UltraShort Financials ETF, SKF (SKF | Quote | Chart | News | PowerRating) rallied from Monday's test of its 200-day moving average to gain more than 9% on the day.

Both the Select Technology Sector SPDRs, XLK (XLK | Quote | Chart | News | PowerRating) and the ProShares Ultra QQQ exchange-traded fund, QLD (QLD | Quote | Chart | News | PowerRating) were increasingly overbought and closed well-off their intraday highs on Tuesday.

The iShares Brazil Index fund, EWZ (EWZ | Quote | Chart | News | PowerRating), closed on Tuesday at levels not seen since January 2007. The ETF is exceptionally oversold.

The Select Basic Materials Sector SPDRs, XLB (XLB | Quote | Chart | News | PowerRating) gapped up at the open on Tuesday, but faded over the course of trading. Trading below its 200-day moving average, XLB remains overbought.

The PowerShares DB Agricultural Fund ETF, DBA (DBA | Quote | Chart | News | PowerRating) has advanced for the second consecutive session. DBA has been trading below its 200-day moving average since the beginning of the month.

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