TradingMarkets 7 ETFs You Need to Know for Wednesday
Profit-taking in financials and value-buying in health care was the sector trading story on Tuesday. Potential reversals were also to be seen in a number of country ETFs that had made major progress higher above their 200-day moving avearges.
Here are 7 ETFs You Need to Know for Wednesday.
One day after reaching new, year-to-date highs, the S&P 500 SPDR ETF
(
SPY |
Quote |
Chart |
News |
PowerRating), or S&P Depository Receipts, pulled back on Tuesday while remaining above its lowest levels of the day. Meanwhile, closing higher for the first day after seven consecutive declining sessions was the ProShares Ultra Short S&P 500 ETF
(
SDS |
Quote |
Chart |
News |
PowerRating).
Among those ETFs that are most overbought below the 200-day moving average, the majority have significant oil or commodity exposure. This includes the United States Oil Fund
(
USO |
Quote |
Chart |
News |
PowerRating) and the iShares S&P GSCI Commodity-Indexed Trust ETF
(
GSG |
Quote |
Chart |
News |
PowerRating), both of which began to move lower on Tuesday.
After trending sideways for the past three days, the Financial Select Sector SPDR ETF
(
XLF |
Quote |
Chart |
News |
PowerRating) sold off on Tuesday, closing at its lowest levels in a week and moving toward oversold territory above the 200-day moving average.
Bond ETFs, which had not become especially oversold, nevertheless rallied to new, short term highs in many instances. Closing at its highest levels in more than three months, for example, was the iShares iBoxx Investment Grade Corporate Bond ETF
(
LQD |
Quote |
Chart |
News |
PowerRating). Increasingly overbought below the 200-day moving average is the iShares Barclays 20+ Year Treasury Bond ETF
(
TLT |
Quote |
Chart |
News |
PowerRating).
INDEPENDENT RESEARCH – Learn 7 trading strategies that you can only find here – Click here to learn more!