TradingMarkets 7 ETFs You Need to Know for Wednesday
Sector-wise, industrial and financial ETFs were attracting buyers on Wednesday, creating further overbought conditions below the 200-day moving averages in many markets.
Here are 7 ETFs You Need to Know for Wednesday.
Led by stocks such as General Electric
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GE |
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PowerRating) and Northrop Grumman
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PowerRating), the Industrial Select Sector SPDRS ETF
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XLI |
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PowerRating) rallied for a second consecutive session on Tuesday.
The advance in industrial shares meant lower levels for the ProShares UltraShort Industrials ETF
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PowerRating), which was trading at its lowest levels since mid-February. SIJ is increasingly oversold above its 200-day moving average.
Buyers were also active in financial exchange-traded funds, encouraged by traders and investors bidding both Morgan Stanley
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PowerRating) and State Street Corporation
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PowerRating) higher. The Financial Select Sector SPDRS ETF
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XLF |
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PowerRating), includes both stocks among its holdings and advanced on Tuesday for the second day in a row.
Trading off its lows late in the Tuesday session was the iShares Dow Jones U.S. Energy Index ETF
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PowerRating). The ETF dipped back out of overbought territory below the 200-day moving average after becoming overbought on Monday’s rally.
ETF traders who have bet against the bond market by way of the ProShares UltraShort 20+ Year Treasury Bond ETF
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TBT |
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PowerRating) have seen their position oscillate in a range between $50 and $44 since the beginning of February.
After breaking out above its 200-day moving average late last week, the iShares Silver Trust ETF
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SLV |
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Also oversold above its 200-day moving average is the ProShares UltraShort S&P 500 Index ETF
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SDS |
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PowerRating). SDS is built to return twice the inverse of the daily performance of the S&P 500 Index.
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