The Powershares DB US Dollar Bull ETF (UUP) has been in an uptrend for several months and is now consolidating near its 20-day and 50-day moving averages.

The market continues to struggle and back-to-back distribution days on the NYSE raises concern as to market strength.

After testing the three day high yesterday, the Market Vectors Oil Services ETF (OIH) reversed to close near session lows. A loss of support at the three-day low of $38.89 could present a shorting opportunity in this ETF.

The SPDR S&P Biotech (XBI) has been consolidating in a tight range at the highs the past few weeks.

The Nasdaq has now posted back to back accumulation days.

There are several important lessons to be learned from Thursday's dramatic reversal.

Since early-June of this year, the ProShares UltraShort Basic Materials ETF (SMN) has made three attempts to break above resistance.

After three consecutive days of selling, several of the broad-based ETFs are now at the lower trend lines of their near-term ascending trend channels.

Although the DJIA, S&P 500 and Nasdaq all finished well off session lows, the light volume accompanying the recovery casts a shadow on the significance of the move.

The market continues to struggle in finding a direction and yesterday's distribution suggests market bears could soon gain control of the action.