Buyers stepped in just as markets were poised to close in oversold territory for the first time in more than a week. Early in the session, buyers were aggressive in Consumer Staples, sending the ^XLP^ higher. Meanwhile, sellers remained on the offensive in the commodity and energy areas, with the ^DIG^ closing in oversold territory above the 200-day moving average.
Of the big three equity index ETFs, only the ^QQQQ^ closed lower on the day – though managing to remain out of oversold territory on the decline.
Here are 7 ETFs You Need to Know for Tuesday.
Among those exchange-traded funds (ETFs) taking top ETF PowerRatings into trading on Tuesday are the ^SMH^ and the ^XSD^. The pullbacks in both funds represented the relatively strong selling in the technology sector to start the week.
As such, up by nearly 1% on Monday and earning the biggest ETF PowerRatings downgrade of the day was the ^TYP^. TYP had been one of the higher rated leveraged ETF PowerRatings funds for the past few days.
Leveraged ETF PowerRatings. Quantified. Backtested. Free for a Week. Click here to learn more.
Bounding higher after a one-day dip into oversold territory above the 200-day moving average was the ^UUP^.
The most oversold ETF in our database ahead of Tuesday’s trading? Among country ETFs, the most oversold is the ^EWT^ – although there are a number of other country funds including the ^EWA^.
Still on our “consider avoiding” list due to its low Leveraged ETF PowerRating is the ProShares UltraShort Gold ETF ^GLL^, which earned an ETF PowerRating of 2 late in trading on Monday.