The iShares Mexico (EWW) has reversed its uptrend and is about to break down below a pivotal support level around the $60 level.

The Semiconductor ETF (SMH) was hit hard late last week, potentially ending a sharp advance off the lows of February.

The Financial ETF (XLF) may need several weeks of base building to digest the recent false breakout action.

One example of the recent strength in transports can be seen on the weekly chart of Dow Jones Transportation ETF (IYT).

In the last three sessions, the Nasdaq Composite has suffered two distribution days, and the count now stands at four distribution days over the past few weeks. Depending on how one counts two days of churning, there could be as many as six distribution days on board, which is more than enough to stop a rally.

Why is Deron Wagner watching Global X Gold Explorers ETF (GLDX)?

Biotech ETF (IBB) closed in the bottom third of the week's range on big volume. It was the second straight week of distribution.

SPDR S&P Oil and Gas Exploration (XOP) has formed a bullish Cup and Handle-type pattern since pulling back off the highs of last October.

The number of stocks up at least 20 percent over the past 20 days is also at a very extreme reading. The extreme breadth readings could be signaling that Tuesday's action was the start of a new rally after a V-shaped correction or it could point to the beginning of an intermediate-term top in the market.

Why is Deron Wagner watching the Global X Gold Explorers ETF (GLDX)?