This week’s most overbought and oversold ETFs for Tuesday’s trading includes the PowerShares Wilderhill Clean Energy Portfolio ETF, PBW.
The aggressive selling at midweek created the deepest pullbacks in sectors like energy and basic materials. The ProShares Ultra Oil & Gas ETF, DIG and the Basic Materials Select Sector SPDRS ETF, XLB both moved lower into oversold territory above the 200-day moving average.
The following ETFs are the most overbought and oversold for Wednesday, January 20, 2010 and are due for a short term reversal. This analysis is based on research published in Larry Connors’ new book, High Probability ETF Trading – now in paperback.