ETF Trading: Top PowerRatings in the SPY and Semiconductors to Start the Week
Heading into trading on Monday, there are over 50 exchange-traded funds that have earned out highest PowerRatings. A number of these ETFs are included in today’s report.
Overall, markets continue to be exceptionally oversold, with all sectors experiencing aggressive selling, oversold conditions and above average PowerRatings. Taken together, all of this suggests that a significant bounce in the near-term is likely.
Here are 7 ETFs You Need to Know for Monday.
Earning one-point PowerRatings upgrades to 10 ahead of Monday’s open are both the ^SPY^ and the ^SMH^. Shares of SPY pulled back by more than 1% in trading on Friday, while the SMH retreated by more than 1.5%.
Among country funds earning top PowerRatings for Monday are the ^EWC^ and the ^EWL^ (below).
Shares of EWL have pulled back for four out of the past five trading days, and are oversold above the 200-day. Both EWC and EWL have earned PowerRatings of 10.
Also earning top PowerRatings heading into Monday’s session are a number of leveraged ETFs such as ^TNA^ and the ^SSO^ (below).
SSO has closed lower for seven out of eight trading days, closing at its lowest level since mid-March.
The number of exchange-traded funds that have begun trading below their 200-day moving average has increased significantly over the past several days. Traders may want to avoid these funds – ETFs like the iShares ^FXI^ – that have earned top PowerRatings, but are now below their 200-day.
Shares of FXI have been trading below their 200-day moving average for a week.
Swing trading exchange-traded funds with PowerRatings is a great way to get started trading ETFs. To learn more about trading ETFs with PowerRatings, click the link below.
Trade Exchange-traded funds Using PowerRatings
David Penn is Editor in Chief of TradingMarkets.com