Short-term oversold conditions induced strong buying in most equity indexes early on Monday. Abundant sellers, however, helped prevent many equity index ETFs like the S&P 500 SPDRS ETF (NYSE:SPY - News) and the iShares Russell 2000 ETF (NYSE:IWM - News) from closing in overbought territory above the 200-day.

Top ETF PowerRatings Funds for Tuesday include 9-rated S&P Biotech SPDRS ETF (NYSE:XBI - News) and 8-rated Semiconductor HOLDRS ETF (NYSE:SMH - News) and Vanguard Europe Pacific ETF (NYSE:VEA - News).

Here is 7 ETFs You Need to Know for Tuesday.

Sector leadership on Monday was provided by a number of sectors including technology, which sent the Technology Select Sector SPDRS ETF (NYSE:XLK - News) higher by more than 1%.

Around the globe, a number of regional ETFs such as the S&P Latin America 40 Index ETF (NYSE:ILF - News) and the iShares MSCI EAFE Index Trust ETF (NYSE:EFA - News) were both up well over 1%, though down on an open-to-close basis.

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The most oversold exchange-traded funds in our database are energy-related names such as the United States Oil Fund ETF (NYSE:USO - News) and the iPath S&P Goldman Sachs Crude Oil Trust Index ETN (NYSE:OIL - News). Both funds pulled back mildly on Monday.

Gold remains among the most overbought of markets, dragging markets like the SPDR Gold Trust ETF (NYSE:GLD - News) even deeper into extreme overbought territory above the 200-day moving average.

Among the few oversold exchange-traded funds trading above the 200-day are the iShares Dow Jones U.S. Broker-Dealers ETF (NYSE:IAI - News). IAI has closed in oversold territory for three consecutive days. IAI earned an intraday ETF PowerRatings upgrade to 9 on Monday.

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