TradingMarkets 7 ETFs You Need to Know for Tuesday

Financial and basic materials ETFs were higher on the first trading day of the week, as more and more exchange-traded funds representing a variety of sectors and markets around the world became increasingly overbought in the short term.

Here are 7 ETFs You Need to Know for Tuesday.

Driving deeper into overbought territory below the 200-day moving average, the Financial Select Sector SPDRS ETF
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was up more than 4% late in trading on Monday.

Lower crude oil prices put pressure on energy ETFs like the Energy Select Sector SPDRS ETF
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, which includes stocks like Exxon Mobil
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and Chevron Corporation
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. The selling on Monday helped take XLE down from overbought levels below the 200-day moving average.

Noted analyst and money manager Marc Faber suggested on Monday that rising bank profits could help push the S&P 500 to 1,000 by the fall. The most widely traded exchange-traded fund for the S&P 500 is the S&P 500 SPDRS ETF
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.

Short term ETF traders looking to take advantage of pullbacks in the S&P 500 on its way higher may consider leveraged ETFs such as the ProShares Ultra S&P 500 ETF
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, which seeks to produce two times the daily return of the S&P 500 Index.

Hedge stock or ETFs trades with inverse ETFs like the ProShares UltraShort Russell 2000 ETF
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. TWM is built to return twice the inverse of the Russell 2000 Index on a daily basis.

A weaker dollar helped currency ETFs rally on Monday. The CurrencyShares Canadian Dollar Trust
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soared to its highest closing levels in more than a month, while the CurrencyShares Euro Trust
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is back above its 10-day moving average after retreating to its 50-day moving average on Friday.

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