All 7 of the exchange-traded funds (ETFs) in today’s report have significant historical short term edges as determined by just one of the more than 30,000 quantified trading strategies in The Machine ETF Trader.
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Here are 7 ETFs You Need to Know for Tuesday
Heading into trading on Tuesday, some of the most oversold exchange-traded funds above the 200-day moving average are country funds like the ^EZA^ and the ^EWU^ (below).
Shares of EWU pulled back by more than 2% in trading on Monday, closing lower for a second session in a row.
Down nearly 3% ahead of Tuesday’s open is the ^EPP^ (below).
The pullback in EPP takes the ETF to its lowest level since late March. EPP was last in oversold territory just a week ago.
Of the two exchange-traded funds representing high yield corporate debt, the more oversold is the ^HYG^. HYG has closed lower for three days in a row, finishing on Monday in oversold territory above the 200-day.
Traders looking for opportunities among leveraged ETFs may want to consider the pullback of well over 2% in the ^QLD^. QLD has closed lower for two days in a row and is back in oversold territory.
Sellers have been active in most sectors, including energy where exchange-traded funds like the ^OIH^ (below) pulled back by as much as 2% going into trading on Tuesday.
OIH was last in oversold territory a week ago Tuesday, when a three-day pullback led to a three-day rally in the fund.
Down more than 1% and closing lower for a second consecutive session above the 200-day was the ^IWM^.
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David Penn is Editor in Chief of TradingMarkets.com