With U.S. markets closed on Monday for the Martin Luther King Jr. holiday, traders will have a wide variety of oversold exchange-traded funds (ETFs) to choose from on Tuesday thanks to the end of the week pullback.
Sectorwise, sellers were especially aggressive in the financials, sending the ^UYG^ down by well over 2%. Around the globe, country funds from the ^VWO^ to the ^EWW^ are among the highest rated ETFs going into Tuesday’s trading.
Here are 7 ETFs You Need to Know for Tuesday.
Among the top ETF PowerRatings funds for Tuesday are the ^BIK^ and the ^AAXJ^. Both BIK and AAXJ earned ETF PowerRatings of 9 midway through the trading day on Friday.
Earning one of the biggest ETF PowerRatings upgrades of the day, the ^XHB^ joined the ranks of the top rated exchange-traded funds late in trading on Friday.
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Pulling back sharply for the second time in the past four days, the ^SPY^ sold off after a day back in overbought territory above the 200-day moving average. Also down for a second day out of the past four was the ^QQQQ^.
The most oversold ETF in our database? With a 2-period RSI of barely more than 1, the ^EWH^ tops our most oversold ETFs roster for Tuesday.
Strength in the dollar meant lower levels and a pullback for the ^UDN^, which closed at a new short term low on Friday.