The Nasdaq Composite still remains above support of its November 2008 low, but just broke support of its January 2009 lows.  With the S&P and Dow now at fresh 11-year lows, it may be only a matter of days until the Nasdaq falls to join those indexes as well.

The market's mixed signals means caution is in order on both sides of the market.

Most ETFs are stuck below key resistance levels, such as their 20 and 50-day moving averages. As such, Deron Wagner's not seeing the types of bullish consolidation patterns he likes to buy when the ETFs subsequently break out.

There are very few ETFs with buyable chart patterns right now.

Deron Wagner writes that at this point, the best plan of action is to wait for the major indices to bounce into resistance of their 20- and 50-day moving averages, then look for new short opportunities.

Deron Wagner is watching for a pullback or consolidation in gold and silver.

Since that February 17 breakdown in the broad market, Deron Wagner has been looking for potential ETF short setups and/or inversely correlated ETF buy entries.

Deron Wagner's overall bias remains neutral to only slightly bearish, as the Dow is still holding support of its November 2008 low.

Stocks are presently in a very news-driven environment. If there wasn't so much market-moving news expected this week, the technical picture would give Deron Wagner the "all clear" sign to re-enter the short side of the market.

Until Deron Wagner sees whether or not the major indices hold support of last week's lows, there's not much point in looking at possible bullish ETF setups within the various industry sectors.