TradingMarkets 7 ETFs You Need to Know for Wednesday

Monday's historic sell-off led to dramatically oversold conditions for a wide number of exchange-traded funds, many of which are strongly higher late in trading on Tuesday.

Funds linked to stock markets overseas in places like Brazil and Asia were among today's big gainers, as were leveraged and unleveraged financial ETFs - including those limited to regional banks. In spite of Tuesday's bullishness, there are relatively few overbought ETFs trading below their 200-day moving averages so far.

Here are 7 ETFs You Need to Know for Wednesday.

Up more than 6% late in trading on Tuesday, the ProShares Ultra Financials ETF, UYG (UYG | Quote | Chart | News | PowerRating) remain moderately oversold - albeit below the 200-day moving average. Also still oversold in spite of moving higher on Tuesday is the KBW Regional Banking ETF, KRE (KRE | Quote | Chart | News | PowerRating).

Yesterday's rally in gold created overbought conditions in the Select Gold Shares SPDRS, GLD (GLD | Quote | Chart | News | PowerRating), which slid by more than 5% today.

The iShares Brazil Index fund, EWZ (EWZ | Quote | Chart | News | PowerRating), bounced back from yesterday's oversold extremes to gain more than 8% on Tuesday. The ETF remains below both its 200- and 5-day moving averages.

After six consecutive up days, the ProShares UltraShort Basic Materials ETF, SMN (SMN | Quote | Chart | News | PowerRating), pulled back by more than 7% late in trading today. Trading above its 200-day moving average, SMN has opened and closed above its 5-day moving average for the past four days in a row.

The iShares MSCI Emerging Markets exchange-traded fund, EEM (EEM | Quote | Chart | News | PowerRating) was up more than 6% late in trading on Tuesday, but had not yet reached overbought levels.

Also rebounding strongly from recent oversold levels is the Oil Service HOLDRS, OIH (OIH | Quote | Chart | News | PowerRating), which were ahead by more than 5% late on Tuesday.

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