TradingMarkets ETF RoundUp: Oversold Asia and Tech in the Balance
Going into the holiday shortened week, most U.S. equity index ETFs were in oversold territory. While the PowerShares QQQ Trust ETF
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The same can be said for other equity index ETFs such as the iShares Russell 2000 ETF
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This means that leveraged equity index ETFs are especially oversold to start the week. These include leveraged ETFs like the ProShares Ultra QQQ ETF
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Rallying into overbought territory below the 200-day moving average are a large number of inverse leveraged funds. Among the most overbought below the 200-day with 2-period RSIs in the 90s are the ProShares Short QQQ ETF
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Internationally, many country funds that rallied above their 200-day moving averages in recent weeks have been pulling back toward their 200-day moving averages, becoming exceptionally oversold in the process. These ranks include Asian ETFs like the iShares MSCI South Korea Index ETF
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European ETFs like those representing equity markets in Germany and France are continuing to struggle to sustain recent closes above their 200-day moving averages.
On the sector front, while sectors like Basic Materials (see the Materials Select Sector SPDRS ETF
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The sector hanging in the balance is technology. ETFs like the Semiconductor HOLDRS
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David Penn is Editor in Chief at TradingMarkets.com.