In keeping with the recent trend, yesterday's selloff may have started the end-of-the-month selling Deron Wagner has seen over the past few months in the S&P 500.

In each of the past two days, both the S&P 500 and Nasdaq Composite have printed "inside days." When this pattern occurs after an extended rally, it signals indecision, which sometimes precedes a reversal.

Aided by the continuation of a weak dollar, agriculture ETFs have begun waking up.

Small caps may start seeing positive money flow that enables the Russell 2000 to start playing "catch up" to the rest of the indexes. Such action would help confirm yesterday's breakout in the broad market.

Today, at 12:15 pm ET, Fed Chairman Ben Bernanke is scheduled to discuss the central bank's recent decision to keep interest rates low, despite the apparent effect on weakening of the U.S. dollar.

Unless additional bearish momentum materializes, Deron Wagner will simply maintain our small share size.

If the broad market enters into a short-term correction from here, IWM may now be a relatively low-risk way to play the short side of the market in the near-term.

Chasing stocks at current levels, after such a short-term run, may not present a very positive reward-risk ratio.

The lack of any volume on the upside is preventing the market from getting the confirmation Deron Wagner would like to see in order to start buying on the long side of the market again.

Mixed signals are causing Deron Wagner to sit on his hands.