Short-term oversold conditions induced strong buying in most equity indexes early on Monday. Abundant sellers, however, helped prevent many equity index ETFs like the S&P 500 SPDRS ETF ( SPY | Quote | Chart | News | PowerRating) and the iShares Russell 2000 ETF ( IWM | Quote | Chart | News | PowerRating) from closing in overbought territory above the 200-day.
Top ETF PowerRatings Funds for Tuesday include 9-rated S&P Biotech SPDRS ETF ( XBI | Quote | Chart | News | PowerRating) and 8-rated Semiconductor HOLDRS ETF ( SMH | Quote | Chart | News | PowerRating) and Vanguard Europe Pacific ETF ( VEA | Quote | Chart | News | PowerRating).
Here is 7 ETFs You Need to Know for Tuesday.
Sector leadership on Monday was provided by a number of sectors including technology, which sent the Technology Select Sector SPDRS ETF ( XLK | Quote | Chart | News | PowerRating) higher by more than 1%.
Around the globe, a number of regional ETFs such as the S&P Latin America 40 Index ETF ( ILF | Quote | Chart | News | PowerRating) and the iShares MSCI EAFE Index Trust ETF ( EFA | Quote | Chart | News | PowerRating) were both up well over 1%, though down on an open-to-close basis.
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The most oversold exchange-traded funds in our database are energy-related names such as the United States Oil Fund ETF ( USO | Quote | Chart | News | PowerRating) and the iPath S&P Goldman Sachs Crude Oil Trust Index ETN ( OIL | Quote | Chart | News | PowerRating). Both funds pulled back mildly on Monday.
Gold remains among the most overbought of markets, dragging markets like the SPDR Gold Trust ETF ( GLD | Quote | Chart | News | PowerRating) even deeper into extreme overbought territory above the 200-day moving average.
Among the few oversold exchange-traded funds trading above the 200-day are the iShares Dow Jones U.S. Broker-Dealers ETF ( IAI | Quote | Chart | News | PowerRating). IAI has closed in oversold territory for three consecutive days. IAI earned an intraday ETF PowerRatings upgrade to 9 on Monday.
