TradingMarkets 7 ETFs You Need to Know for Tuesday
Pullbacks in country ETFs were widespread on Monday, creating a number of oversold conditions above the 200-day moving average. Sector-wise, energy ETFs remained in retreat while buyers chased consumer staples stocks – and their exchange-traded funds – higher.
Here are 7 ETFs You Need to Know for Tuesday.
Lower energy prices have helped accelerate and deepen the pullback in the Market Vectors Russia ETF
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PowerRating), which was down more than 3% intra-day on Monday. Also pulling back sharply on the first trading day of the week was the iShares MSCI Brazil Index ETF
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PowerRating). Both country ETFs are oversold above their 200-day moving averages.
Among equity index ETFs, those linked to the Nasdaq 100 were increasingly oversold on Monday. The PowerShares QQQ Trust ETF
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PowerRating) was down more than 1%, earning its second consecutive, single-digit 2-period RSI. Rallying into overbought territory below the 200-day moving average was the ProShares UltraShort QQQ ETF
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PowerRating). QID has had a 2-period RSI of more than 90 for two days in a row.
The sell-off in energy shares has created extremely overbought conditions in the ProShares UltraShort Oil & Gas ETF
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PowerRating), which gained more than 4% intraday on Monday.
Strength in shares of ConAgra Foods
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PowerRating) and Philip Morris International
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PowerRating) helped send consumer staples ETFs higher on Monday. The Consumer Staples Select Sector SPDR ETF
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PowerRating) retraced all of its losses from the Thursday sell-off and is now mildly overbought above its 200-day moving average.
Despite being off its recent all-time highs by more than 9%, the Market Vectors Indonesia ETF
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PowerRating) is still more than double what it traded for at its all-time lows in early March.
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