Technology, Financials Among Most Oversold Markets at Midweek: 7 ETFs You Need to Know for Wednesday
Strength in commodities like precious metals and crude oil helped take some of the steam out of the selling on Tuesday. Energy exchange-traded funds like the ^DIG^ rallied by more than 2%, despite finishing the day off their highs.
Here are 7 ETFs You Need to Know for Wednesday.
The ^SLV^ rallied to new short term highs ahead of trading on Wednesday, gaining more than 4%.
SLV is very overbought in the short term.
Pulling back deeper into oversold territory are leveraged exchange-traded funds (ETFs) like the ^TYH^ and the ^UYG^ (below).
Shares of UYG have closed lower for three days in a row, closing at their most oversold level in more than a month.
Reflecting weakness in the small cap market, the ^TZA^ closed higher for a third day in a row. TZA was up more than 1% on Tuesday.
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Country funds in general bounced ahead of trading on Wednesday. But it was the funds of commodity countries like South Africa’s ^EZA^ and Canada’s ^EWC^ that were up more than 1% on Tuesday.
By comparison, funds from nations like Germany and Taiwan had rallies that were significantly more modest.
Shares of the ^XLY^ (below) pulled back for a third day in a row on Tuesday.
XLY, which includes stocks like ^DIS^ and ^MCD^, has closed in oversold territory for the past two days in a row.
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David Penn is Editor in Chief of TradingMarkets.com