Equity index exchange-traded funds (ETFs) and country funds alike pulled back into neutral territory from their overbought highs, with the PowerShares QQQ Trust ETF (NasdaqGM:QQQQ - News) among the highest ETF PowerRatings fund among major equity index funds.

Financials, including the ProShares Ultra Financials ETF (NYSE:UYG - News), were lower on the day, but will require additional selling to move into truly oversold territory.

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Health care ETFs rallied to new highs on Tuesday, with funds like the iShares Dow Jones Healthcare Sector Index Fund ETF (NYSE:IYH - News) and the Vanguard Health Care ETF (NYSE:VHT - News) closing for the second consecutive session in overbought territory above the 200-day.

Among the country ETFs with the highest ETF PowerRatings are the 8-rated iShares MSCI Australia Index Fund ETF (NYSE:EWA - News) and the iShares MSCI Japan Index Fund ETF (NYSE:EWJ - News). EWA pulled back by more than 2% on Tuesday. EWJ dropped by more than 1%.

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Sellers aggressively took crude oil lower on Tuesday, creating a drop of more than 2% in the United States Oil Fund ETF (NYSE:USO - News) intraday.

Closing at its lowest levels in 11 days - and earning an ETF PowerRatings upgrade to 8 - was the SPDR S&P Retail ETF (NYSE:XRT - News). XRT tracks the S&P Retail Select Industry Index of stocks such as Macy's (NYSE:M - News) and Amazon.com (NasdaqGS:AMZN - News).

Earning ETF PowerRatings upgrades on Tuesday was the Technology Select Sector SPDR ETF (NYSE:XLK - News). Additional selling in this fund will likely lead to even greater upgrades over the next few days.

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