Sellers were most aggressive in both the financial and materials sectors on Tuesday, extending oversold conditions in exchange-traded funds (ETFs) like the iShares Dow Jones U.S. Financial Sector Index Fund (IYF) and the PowerShares DB Base Metals Fund (DBB).
The most oversold ETF in our database going into trading on Wednesday? Closing in oversold territory for 9 out of the past 10 days is the iShares MSCI Brazil Index Fund (EWZ).
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Here are 7 ETFs You Need to Know for Wednesday
The SPDR S&P 500 ETF (SPY) rallied on Tuesday after a two-day dip in oversold territory above the 200-day moving average. The ETF remains below its 5-day moving average going into trading on Wednesday.
Among the top ETF PowerRatings funds going into trading on Wednesday are the iShares S&P Latin American 40 Index Fund (ILF) and the iShares MSCI Singapore Index Fund (EWS). Both ILF and EWS earned top ETF PowerRatings ahead of trading Wednesday morning.
Exceptionally oversold technology ETFs, like the ProShares Ultra Technology (ROM), soared by more than 2% on Tuesday. ROM was mentioned in yesterday's 7 ETFs You Need to Know as one of a number of examples of heavy selling in the technology sector.
Back in oversold territory above the 200-day moving average was the Materials Select Sector SPDR Fund (XLB), which managed to close near the session highs on Tuesday.
Looking for an ETF with an ETF PowerRating of 10 and a price tag to match? Among our Top 10 Low Priced ETFs for Wednesday is the iShares MSCI Taiwan Index Fund (EWT), which closed on Tuesday just over $12 per share.
Will the announcement of President Obama's deficit-reducing budget freeze be seen as dollar positive? Increasingly overbought below the 200-day moving average is the PowerShares DB US Dollar Bullish Fund (UUP).
