U.S. markets are back in overbought territory, with the most impressive moves coming from the technology-heavy, Nasdaq-related exchange-traded funds like the ^QQQQ^ and the ^QLD^.
Energy-based ETFs were also in demand by traders, pushing already overbought ETF markets like the ^ERX^ to its fifth straight overbought close above the 200-day moving average.
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Here are 7 ETFs You Need to Know for Tuesday.
Among the few exchange-traded funds taking top ETF PowerRatings into Tuesday’s trading are the ^PFF^ and the ^FBT^.
Strength in leveraged energy ETFs like ERY has meant lower prices and oversold extremes for inverse leveraged energy ETFs like the ^ERY^. ERY closed in extreme oversold territory for a second consecutive trading day on Monday.
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Recent fears about a slowdown in the Chinese economy continue to subside as China-based ETFs like the ^FXI^ and the ^HAO^ both added more than 1% on Monday.
The most oversold ETF in our database ahead of Tuesday’s trading? Among the top three again on Monday was the ^HYG^. HYG has closed in oversold territory above the 200-day moving average for three days in a row.
Strength in energy-based ETFs was shared by strength in commodity and materials-related funds on Monday. Moving closer to oversold extreme territory on the day was the ^SMN^, which closed off more than 3%.
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