TradingMarkets 7 ETFs You Need to Know for Tuesday
Sellers returned to the markets on Monday, creating renewed oversold conditions in ETF markets like the ^SPY^, which closed at its lowest levels since November 2009.
Continued selling in many markets has pushed a number of exchange-traded funds that had been trading above their 200-day moving averages below them in recent days. Among these ETFs that high probability ETF traders should be steering clear of for the time being are funds like the ^XLU^ and the ^SLV^.
Here are 7 ETFs You Need to Know for Tuesday.
Among the top ETF PowerRatings funds for tomorrow is the ^EWY^. EWY maintained its top 10 ETF PowerRating throughout the course of the trading day on Monday.
One of the biggest ETF PowerRatings upgrades during Monday’s trading was the upgrade from 5 to 8 in the ^EWC^.
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Increasingly oversold above the 200-day moving average is the ^EEM^. EEM is one of the most oversold funds in our database, with the ^RSX^ as the only country fund more oversold than EEM.
Among the most overbought ETFs in our database is the ^DOG^. ETF markets that become overbought below the 200-day moving average have tended to underperform in the short term, according to our research on exchange-traded funds. DOG had closed in overbought territory below the 200-day moving average for three consecutive days as of the Monday close.
Evidence of this tendency can be seen in the continued decline in the ^FXI^ which closed lower by well over 3% on Monday. FXI became overbought below the 200-day moving average for three days in early February and has since closed down for two out of the past three days.
Is a pullback in the U.S. dollar around the corner? Increasingly overbought above the 200-day moving average is the ^UUP^.
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