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Light, but broad-based profit-taking brought pullbacks to most sector and country ETFs on Tuesday. Some of the most oversold ETFs are increasingly among both precious metals and agricultural commodity exchange-traded funds.
Here are 7 ETFs You Need to Know for Wednesday.
The S&P 500 ended the second quarter of 2009 with its best quarterly performance since 1998. Nevertheless, the S&P 500 SPDR ETF (SPY | Quote | Chart | News | PowerRating) slid by more than 1% on Tuesday after becoming overbought above its 200-day moving average, but has not yet entered oversold territory.
Down more than 2% intrday after closing in overbought territory for three days in a row was the ProShares Ultra S&P 500 ETF (SSO | Quote | Chart | News | PowerRating).
A number of country funds that had been making consecutive higher highs above the 200-day moving average came under profit-taking on Tuesday. Pulling back into neutral territory was the iShares FTSE/Xinhua China 25 ETF (FXI | Quote | Chart | News | PowerRating), while the iShares MSCI Japan Index ETF (EWJ | Quote | Chart | News | PowerRating) did actually pullback into oversold territory above the 200-day.
After rallying for four days in a row, technology shares came in for an overdue pullback during Tuesday's trading. This sent the Technology Select Sector SPDR ETF (XLK | Quote | Chart | News | PowerRating) lower toward oversold territory above the 200-day.
Precious metals ETFs came under heavy selling on Tuesday, with both the SPDR Gold Shares ETF (GLD | Quote | Chart | News | PowerRating) and the iShares Silver Trust ETF (SLV | Quote | Chart | News | PowerRating) closing in oversold territory above the 200-day moving average.
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