Our scans did not produce much in the way of actionable ETF swing trade setups, so we have no new setups on today's ETF watchlist.

We mentioned in yesterday's report that some commodity-based ETFs were beginning to turn up, such as gold, silver, and uranium. We can possibly add the Market Vectors Steel ETF ($SLX) to that list, as it looks to be forming a bullish reversal after undercutting a strong support level at $40 in June (see monthly chart below).



Whenever a stock or ETF cracks an important support level on the daily, weekly, or monthly time frame, if the price action bounces back right away and holds above the support level, that is generally a bullish sign. We also see that $SLX found support at the backside of the downtrend line, which is only bullish if it can immediately head higher higher and not return back to the trendline.

$FDN broke below the 10-day MA, so we are raising the stop on 1/3 of the existing position to lock in gains. The stop on the remaining 2/3 position is unchanged, as we plan to let the rest of the position go with a wide stop. Our long position in $USO continues to act great, as it consolidates near its high. The same goes for our position in $TAN, which we bought on July 2. As of yesterday's close, $TAN is showing an unrealized price gain of 16.7% and $USO is up 5.2% since entry.

Deron Wagner is the Founder and Head Trader of both Morpheus Capital LP, a U.S. hedge fund, and MorpheusTrading.com, a trader education firm.