Silver, Spain and Semiconductors: 7 ETFs You Need to Know for Wednesday
Dramatically oversold conditions in both equities and commodities has a number of observers worrying about the potential for a major fall in the stock market. Down four days in a row are major equity index ETFs like the ^SPY^ and the ^QQQ^.
Today’s edition of 7 ETFs You Need to Know also includes a number of exchange-traded funds that are currently trading in neutral territory, but could find themselves oversold on any significant selling here at midweek.
Here are 7 ETFs You Need to Know for Wednesdsay.
Selling in energy stocks has helped the ^ERY^ gain more than 9% in Tuesday’s session alone.
After a three-day pullback, the ^IYT^ (below) bounced on Tuesday.
All three lower closes prior to IYT’s Tuesday rally were in oversold territory above the 200-day.
Down two days in a row, but not yet oversold above the 200-day moving average heading into trading on Wednesday is the ^EWP^.
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Rangebound for the past two trading weeks, the ^IYZ^ is back in neutral territory after a one-day oversold bounce.
Down for four days in a row, with the last three in oversold territory, is the ^IWM^ (below).
Tuesday’s pullback puts IWM at its most oversold level of the year.
Sellers are finally taking profits in the ^SLV^ (below).
The SLV has closed lower for two days in a row, the fund’s first significant pullback in a previously very overbought commodity fund.
Closing lower for a fourth day in a row – the second in oversold territory above the 200-day – were the ^SMH^ in Tuesday’s session.
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David Penn is Editor in Chief of TradingMarkets.com