Following yesterday's bullish reversal pattern in the broad market, we have two new ETF buy setups on today's watchlist. First is a potential buy entry off the lows of a seven-week base in Global X Social Media Index ETF ($SOCL).

As shown on the weekly chart below, $SOCL held above $18.50 during its consolidation, and is now poised to break back above its 10-week moving average:



The shorter-term daily chart shows $SOCL reclaiming support of its 50-day moving average yesterday, as volume picked up as well. If $SOCL can hold above its 50-day MA the next few weeks, it should flesh out the "right side" of the pattern that could precede a breakout to new highs:



Our second buy setup is with First Trust NASDAQ Clean Edge ETF ($QCLN), which has formed a tight, seven-week base at its recent highs. Take a look:



Volume has been declining over the past few weeks, which is a bullish sign that tells us traders have given up on the stock/ETF moving higher in the short term, and are putting their money to work elsewhere. This eliminates overhead supply.

Further, the 10-week moving average of $QCLN remains in a clear uptrend, and the price has yet to close below the 10-week MA during the base.

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.