It's a bit unsettling that recent moves in the market have been news-driven. Yet, we've learned from years of experience that news events typically only provide a good excuse for the market's behavior at pivotal levels of support or resistance.

Closing prices below the February 10 lows in today's session would have bearish implications.

Considering the S&P and Nasdaq are still holding support of their intermediate-term uptrend lines, and the Dow is still clinging to its January lows, the intermediate-term trends of the broad market technically remain "up."

Trading in specific sectors with relative strength to the broad market is the whole basis of Deron Wagner's strategy, and this is the first time in quite a while he's seen a group of ETFs with clear bullish divergence.

Even if traders make a lot of mistakes in their trading business, they'll still be net profitable at the end of the year if they simply do two things right; cut losing trades as soon as they hit their stops and let winners ride until there is a technical reason to sell.

Deron Wagner notes that the ProShares Short and UltraShort ETFs still offer traders benefits that were formerly impossible. However, the benefit is greater to traders who actively manage their IRA accounts with short to intermediate-term trades, not long-term investments.

If yesterday's weakness picks up momentum, the number of decent short selling opportunities should start to increase. One such ETF that may be in play in the coming days is UltraShort Oil and Gas ProShares (DUG).

Deron Wagner thinks that sectors related to the Nasdaq are probably a safer buy than anything related to the Dow or S&P.

In this uncertain market, caution is required in order to protect against overtrading, and traders may want to avoid broad-based ETFs.

Deron Wagner remains long in three ETFs which have shown a low correlation to the direction of the stock market because they are commodity-related.