The S&P 500 SPDR (SPY) will likely print a bearish "shooting star" candlestick pattern for the week. This is a topping pattern that often indicates near-term bullish momentum is running out.

Given the lack of explosive price action in leadership stocks and the late day selling in the averages the past two days, the market could be vulnerable to a sell-off in the short term.

iShares Silver ETF (SLV) is currently basing out and could trigger a buy entry sometime this week if it can climb back above the 50-day moving average and the high of December 10.

One industry sector ETF that has shown relative strength since the broad market began its decline off the September highs is S&P Homebuilders SPDR (XHB).

The current market conditions we are seeing often lead to an increase in the number of erratic, whipsaw-like trading sessions.

The strength in Emerging Markets ETF's can be seen on the daily chart pattern of Direxion Emerging Markets Bull 3X ETF (EDC), a leveraged ETF comprised of a basket of stocks from emerging regions.

It continues to be international ETF's, rather than domestic industry sector ETF's, that are showing the most relative strength to the S&P and Nasdaq.

Based on the weekly and daily chart patterns above, Deron Wagner has officially added iShares Nasdaq Biotechnology ETF ($IBB) to his watchlist as a potential swing trade setup on the short side.

With the S&P 500 failing to hold yesterday's opening gap up, and reversing to close below the 50-day moving average, Deron Wagner could see a short-term retreat in the market.

With the Nasdaq and S&P 500 still trading below their September 2012 highs, only a sudden surge in institutional buying would enable the broad market to rally all the way to new highs in a short period of time.