Semiconductors are among the most oversold sectors as of Tuesday's close, with a number of chip ETFs earning top ETF PowerRatings on the day. ETFs based on India remain the most oversold among country ETFs and small cap-based funds bounced after reaching oversold extremes in recent days. Top ETF PowerRatings funds include XSD, PFF, EWO.

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Weighing down the Nasdaq was selling in semiconductors. Typical of the pullbacks in this sector were the declines in the Semiconductor HOLDRS ETF (NYSE:SMH - News) and the ProShares Ultra Semiconductor ETF (NYSE:USD - News). SMH closed in oversold territory above the 200-day moving average for a third day in a row, losing more than 1% on Tuesday. USD was off as much as 3%.

Corporate bond ETFs also remained on the retreat on Tuesday. The iShares iBoxx Investment Grade Corporate Bond ETF (NYSE:LQD - News) pulled back for a second day, closing in oversold territory. Meanwhile, it was the second consecutive close in oversold territory for the SPDR Barclays High Yield Bond ETF (NYSE:JNK - News).

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Among yesterday's top ETF PowerRatings funds was the iShares S&P Small Cap 600/Barra Value Index Fund ETF (NYSE:IJS - News). The fund rallied by more than 1% after closing lower for five out of the past six trading days.

Precious metals ETFs were on the move higher again on Tuesday with the iShares Silver Trust ETF (NYSE:SLV - News) up more than 5%.

A number of India-related ETFs continue to trade in oversold territory above the 200-day moving average. Although closing higher on an open-to-close basis, the iPath MSCI India Index ETN (NYSE:INP - News) lost nearly 2% on the day.