Buyers were most aggressive in the energy and materials sectors, sending the ProShares Ultra Oil & Gas (DIG) higher by nearly 6% late in trading on Monday. After several days in oversold territory above the 200-day moving average, the ProShares Ultra Basic Materials (UYM) gained nearly 8%.
Among the very oversold country ETFs, many of which have been our highest ETF PowerRatings funds in recent days, shares of the iShares MSCI Brazil Index Fund (EWZ) gained well over 4% after closing in oversold territory for the past eight consecutive sessions.
Here are 7 ETFs You Need to Know for Tuesday
Which ETFs still have top ETF PowerRatings going into Tuesday's trading? Among country funds, high probability traders will have their eyes on ETFs like the iShares S&P Europe 350 Index Fund (IEV) and the iShares MSCI Australia Index Fund (EWA). Both funds earned ETF PowerRatings of 9 as of the close on Monday.
One of a sizable number of 10-rated funds as of the end of the week, the iShares S&P Latin American 40 Index Fund (ILF) soared on Monday, gaining more than 3% on the day
Our highest rated exchange-traded funds (ETFs) have made significant gains nearly 80% of the time since 2003. Click here to learn how to trade ETFs like ILF using our ETF PowerRatings.
Relative to the S&P 500 and Dow-based exchange-traded funds, the QQQQ (QQQQ) underperformed on Monday, gaining less than 1%, its rally falling well short of its 5-day moving average.
Rallying back into overbought status below the 200-day moving average was the United States Natural Gas Fund (UNG). The last time the fund was this overbought below the 200-day was just over a week ago, immediately before a sell-off that took the fund down by more than 10%.
The most oversold ETF in our database ahead of trading on Tuesday? The iShares iBoxx $ High Yield Corporate Bond Fund (HYG) closed on Monday with a 2-period RSI of 2.00.
Closing at its lowest levels in several days was the iPath S&P 500 VIX Short-Term Futures ETN (VXX), which bounded higher as markets sold off in the second half of January.
