TradingMarkets 7 ETFs You Need to Know for Wednesday
The sell-off in stocks intensified on Tuesday, taking many ETFs lower and out of overbought territory below the 200-day moving averages. Short ETFs advanced with a growing number now overbought below the 200-day moving average.
Here are 7 ETFs You Need to Know for Wednesday.
Profit-taking in financials kept regional banking ETFs under pressure on Tuesday, bringing ETFs like the Retail Bank HOLDRs ETF
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PowerRating) back to oversold territory below the 200-day moving average.
A number of short ETFs that had made our Top 25 PowerRatings Roster over the past few days were up significantly on Tuesday. The ProShares UltraShort Consumer Goods ETF
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PowerRating) gained more than 3% late on Tuesday while the ProShares UltraShort Industrials ETF
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PowerRating) rallied by more than 6%. Both ETFs are back above their 5-day moving averages.
Basic materials-related ETFs continued to retreat on Tuesday. The iShares Dow Jones U.S. Basic Materials Sector Index ETF
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PowerRating) lost more than 3% after three days in overbought territory below the 200-day moving average.
Sellers were also active and aggressive in the energy sector, sending shares of stocks like Consol Energy
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PowerRating) and XTO Energy
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PowerRating) down by more than 6% late on Tuesday. This meant lower levels for the Energy Select Sector SPDRS ETF
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PowerRating), which includes both stocks among its holdings and is now oversold below its 200-day moving average.
The ProShares UltraShort Technology ETF
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PowerRating) and ProShares UltraShort Oil & Gas ETF
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PowerRating) are among those short exchange-traded funds which, trading below their 200-day moving averages, have rallied into overbought territory. Selling in both ETFs had been particularly aggressive until Tuesday’s bounce higher in all short ETFs.
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