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Financial and basic materials ETFs were both on the retreat late in trading on Tuesday, while emerging markets-related exchange-traded funds were pulling back aggressively. A number of ETFs continue to pull back from overbought extremes below the 200-day moving average while many inverse ETFs are rallying from oversold lows and making consecutive higher highs.
Here are 7 ETFs You Need to Know for Wednesday.
Up more than 5% intraday, the ProShares UltraShort Basic Materials ETF, SMN (SMN | Quote | Chart | News | PowerRating) closed off their highs on Tuesday.
The Select Financial Sector SPDRS, XLF (XLF | Quote | Chart | News | PowerRating), have managed to stabilize their dramatic decline as of Tuesday. XLF is currently mildly oversold.
The India Fund, IFN (IFN | Quote | Chart | News | PowerRating), rallied from intraday lows of more than 4%, though the fund remained down on the day as it retreats from Friday's overbought extremes.
Trading lower on the day for its third consecutive session, the Shares S&P Latin American 40 Index ETF, ILF (ILF | Quote | Chart | News | PowerRating) was down more than 3% intraday before rallying late.
Off its intraday highs, the ProShares UltraShort S&P 500 exchange traded fund, SDS (SDS | Quote | Chart | News | PowerRating), is nevertheless up for a third session in a row and not yet exceptionally overbought.
Bouncing from Monday's oversold extremes, the PowerShares DB US Dollar Bullish ETF, UUP (UUP | Quote | Chart | News | PowerRating) still remains mildly oversold and within a few points of its 200-day moving average.
The iShares MSCI EAFE Index Trust, EFA (EFA | Quote | Chart | News | PowerRating), continue to pullback two days after reaching overbought extremes below the 200-day moving average.
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