TradingMarkets 7 ETFs You Need to Know for Wednesday
The pullback high probability traders have been waiting for arrived in earnest on Tuesday, creating a growing number of top ETF PowerRatings funds going into trading on Wednesday including the ^ILF^.
Sellers were aggressive in all sectors, but technology had more than its share with the ^XLK^ dropping by 1% and the ^SSG^ rallying by more than 4%.
Here are 7 ETFs You Need to Know for Wednesday
Among the exchange-traded funds (ETFs) earning the biggest upgrades ahead of Wednesday’s trading are a pair of country funds. The iShares MSCI Brazil Index Fund ^EWZ^ earned an upgrade from 6 to 9, while the ETF PowerRating for the ^EWU^ bounced to 9 from 5.
Of the top 10 highest volume ETFs to earn major ETF PowerRatings upgrades on Tuesday, the upgrade from 6 to 9 in the ^QQQQ^ was one of the biggest.
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Continuing to move lower after reaching overbought extremes a week ago was the ^UDN^.
After multiple days in extreme oversold territory, a variety of inverse leveraged ETFs rallied into strength on Wednesday. In addition to SSG mentioned above, the ^TZA^ crossed above its 5-day moving average, gaining more than 2%.
Looking for other ways to trade the S&P 500? The ^IVV^ closed in oversold territory above the 200-day moving average on Tuesday. The pullback in IVV was just shy of 1%.
The ^GDX^ dropped to close back below its 200-day moving average in Tuesday’s trading. The fund had traded precariously around the 200-day moving average for the past several days.