On the one year anniversary of the bear market low of 2009, both technology and industrials were in high demand among traders. Closing in overbought territory above the 200-day moving average but off its intraday highs were the ^TYH^ and the ^UXI^, which was up nearly 1% on the day.
Also closing off their intraday highs – while remaining overbought – were major equity index ETFs like the Dow DIAMONDS Trust ETF ^DIA^
Here are 7 ETFs You Need to Know for Wednesday.
With most ETF markets overbought above the 200-day moving average, top ETF PowerRatings funds are few and far between ahead of trading on Wednesday. Among those that have earned top ETF PowerRatings as of Tuesday’s close is the ^BND^, which earned a major ETF PowerRatings upgrade from 5 to 9 late in trading on Wednesday.
The ^SSG^ joined a small group of leveraged ETFs taking top ETF PowerRatings into Wednesday’s trading. SSG earned a Leveraged ETF PowerRatings upgrade from 6 to 8.
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Sliding deeper into oversold territory above the 200-day moving average are gold-related exchange-traded funds like the ^DGP^, which has closed in oversold territory for two days in a row.
The ^TZA^ is among a number of inverse leveraged ETFs that have closed in extreme oversold territory for five consecutive trading sessions.
The U.S. Dollar – as measured by the ^UUP^ – has remained largely range-bound since breaking out above its 200-day moving average at the beginning of February. UUP has not closed in oversold territory for two days in a row since climbing above its 200-day.
Too far too fast? Both the ^EWG^ and the ^IAI^ earned ETF PowerRatings of 2 as of the close of trading on Tuesday. This means that both EWG and IAI are increasingly vulnerable to a short term reversal to the downside.
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