In yesterday's ETF analysis, we mentioned a potential breakout on multiple time frames in Physical Palladium Shares ($PALL). After gapping above the highs of the handle (part of the "cup and handle" chart pattern) last week, the price action has subsequently pulled back over the past three days, on much lighter volume as well:



This ETF trade setup did not trade through our trigger price for swing trade buy entry yet, but remains on our watchlist going into today. As always, regular Wagner Daily subscribers should note our detailed parameters for trade entry on today's full report.

As the palladium ETF sets up for potential buy entry, SPDR Gold Shares ($GLD) remains in a clear downtrend, after breaking down below support of its 50-day moving average in September.

Rather than bottoming out, $GLD looks poised to soon slide to new 52-week lows, as there are already two lower "swing highs" in place.

From here, a bounce into resistance of the 20 and 50-day moving averages would present us with an ideal entry point on the short side. Additionally, note that the 20-day EMA has crossed back below the 50-day MA, and that all the major averages are now trending lower.

These are all technical signals that the trend is bearish and a short entry into $GLD would simply be in line with the dominant trend:



Global X FTSE Colombia 20 ETF ($GXG) has had a rough 2013. While broad market averages pushed significantly higher, $GXG broke down below the 40-week moving average, and tanked until finding support in June.

$GXG has once again cracked below its 40-week moving average over the past three weeks. As such, a bounce into the the 40-week MA (somewhere around $20) could present us with a low-risk short selling entry point:



As for the overall stock market, the Dow Jones and S&P 500 have just about recovered all losses from last Thursday's selloff, while the NASDAQ Composite and NASDAQ 100 are having a bit more trouble.

The NASDAQ Composite and small-cap Russell 2000 are also further below resistance of their swing highs than the Down Jones and S&P 500, either of which could easily break to new highs with just one solid day of gains.

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.