We have two new buy setups on today's ETF watchlist in Global X FTSE Greece 20 ETF ($GREK) and iShares MSCI Japan ($EWJ).

$GREK is currently finding support at the rising 10-day moving average after a big volume breakout last week. The breakout was from a bullish three-month consolidation, on volume that was about double its weekly average.

The buy entry is nothing fancy, just a simple pullback off the swing high as the price action seems to have found support around $20.70:



Looking at the weekly chart below of $EWJ below, we see the price action has tightened up nicely the past few weeks above the 10-week MA. This tightening of the price action just below the base high often signals that the consolidation is ready to breakout soon.

The 40-week MA has remained in a clear uptrend since $EWJ topped out last April, and the price action for the most part has held around the 10-week MA since last October. If $EWJ can breakout, the monthly chart suggests a target in the $14 to $15 area, as there is quite a bit of resistance from the highs of 2006:



While the main averages chopped around yesterday, alternative energy stocks and ETFs, such as $SCTY, $TAN, and $FAN, ripped higher. We remain long SolarCity ($SCTY) in the Wagner Daily stock portfolio, and the position is showing a 43% unrealized gain since our December 18 buy entry off the 50-day moving average. Just one more reminder that patience pays when it comes to holding winning stocks.

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.