Since its strong surge off the 50-day moving average in late January, Coffee ETF (JO) has paused for a few days, correcting more by time than price.

Italy ETF (EWI) and Spain ETF (EWP) have held up surprisingly well the past few weeks, and are still trading above their respective 10-week moving averages.

What does Deron Wagner see in the Biotech ETF (PBE).

Powershares DB Agriculture Fund (DBA), which has about 11 percent exposure to Coffee and Cocoa, has also made an impressive move off the lows, breaking through the 40-week moving average on big volume.

The NASDAQ is still trading above the prior swing high and is well above the 200-day moving average.

The ProShares UltraShort MSCI Brazil Capped (BZQ) has reached a significant resistance level just above $100.

The end of January saw a big jump in market volatility, with three significant gaps on the open last week alone. When volatility increases, it becomes difficult to manage risk.

In a healthy market, a few days of institutional selling over a 3 to 4-week period is normal and can typically be absorbed by demand.  However, when the running count of distribution days reaches five or more, it nearly always signals a substantial correction is just around the corner.

Stocks finally stabilized on Tuesday, with all broad market averages closing in positive territory, led by a 0.9 percent gain in the small and mid-cap averages.

The recent breakout in Natural Gas ETF (UNG) is just about the only bullish price action.