The key to the next move in the market appears to be in the hands of the recently directionless Dow and S&P 500.

It is of significance that the NYSE closed below its 50-day MA for the first time since late August. The DJIA is also toying with a key support level. Given the length of the most recent advance, the current price action is not particularly unusual or unexpected.

Deron Wagner writes that the market continues to show indecision.

Over the past several days of scanning trades, a higher than usual percentage of short setups and neutral setups (possible trend reversal) has become apparent. Now that options expiration week is behind us, the next several days of trading action should help clarify where the market is likely headed.

Market volatility and the accompanying price reversals suggest a cautious approach to trading. A period of consolidation would be healthy before another advance.

The wild and loose price action suggests that SLV will need several weeks of base-building before it can stage another intermediate-term advance.

Despite the heavy selling, the uptrend remains intact. Until the trend is broken, Deron Wagner will continue to scan for trades of strong ETF's pulling back into support.

The markets appear to be at an inflection point. In the midst of options expiration week, Deron Wagner is inclined to remain cautious.

The broad market is still in an uptrend. Even weak ETF's, unless they are not highly correlated to the market, will begrudgingly move with the trend.

Over the past several days, there has been an increase in the number of ETFs that are weakening. Although the market trend may remain intact, shorting opportunities are becoming more prevalent.