Despite breaking down below the 10 and 40-week moving averages a few weeks ago, Physical Palladium ETFF ($PALL) is still holding on, and could potentially offer a low-risk entry point on a close above its 10 and 40-week MAs (over $71):



If the three-week low can hold up, $PALL will have made another higher "swing low" within its current base, which is typically a bullish sign.

Nevertheless, $PALL could still break down beneath the three-week low, so it is best to not jump the gun and wait for a close above $71 before attempting to get long.

If $PALL is to stage a significant advance, it will eventually have to clear prior highs around $74. We remain long partial size of $PALL in The Wagner Daily, from a pullback entry just above the 40-week MA in mid-November.

Global X FTSE Norway 30 ETF ($NORW) has pulled back to support of the 10-week MA, after clearing a significant resistance level around $16.30 in mid-October. The 10-week MA has separated from the 40-week MA and is in a strong uptrend. The 10-week MA is also clearly above the highs of the last base, which is a bullish sign:



A break above the short-term downtrend line above (solid red line) could spark a resumption of the uptrend, especially if $NORW forms an inside candle this week. An inside week is when a stock/ETF trades within the high and low range of the previous week.

Yesterday's only action on the ETF side of our model portfolio was in $YCS, which we closed with a 4% gain.

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.