TradingMarkets 7 ETFs You Need to Know for Wednesday
Buyers were aggressive in virtually all market sectors on Tuesday, with energy and basic materials markets especially sought-after by traders and investors. Up well over 5% on the day was the ^UYM^, while the ^DIG^ gained more than 4%.
In country ETFs, European ETFs like the ^EWG^ have moved back into overbought territory below the 200-day moving average.
Here are 7 ETFs You Need to Know for Wednesday
Rallying to its highest levels since the beginning of the month was the ^SPY^, which gained well over 1% on Tuesday. Equally impressive was the more than 1% gain by the ^DIA^. Both ETFs are increasingly overbought above the 200-day moving average and may be vulnerable to a pullback.
While there are no exchange-traded funds (ETFs) with ETF PowerRatings in our top “consider buying” rankings of 8, 9 or 10, there are a pair of funds that short term traders should likely avoid. Those ETFs are the ^IAI^ and the ^PBW^. These ETFs earned our lowest ETF PowerRatings of 2 and 1 respectively late in trading on Tuesday.
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The most overbought ETFs in our database going into Wednesday’s trading are clearly technology funds, with the ^SMH^ taking top prize with four consecutive closes in overbought territory above the 200-day moving average.
With stocks moving higher on Tuesday it is little surprise to see the pullback in the ^UUP^. UUP crossed above tis 200-day moving average at the beginning of February and is now oversold above that level.
Soaring to its highest closing level since nearly mid-January is the ^SLV^, gaining more than 2% on Tuesday.
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