As a group, international emerging markets ETFs have been one of the strongest sectors for the past several months.

At times like this it is often a good practice to search for trades that have a low correlation to the market. Bond, commodity and international ETFs generally show a low market correlation, and Deron Wagner is monitoring them closely.

Deron Wagner is keeping a close eye on the banking sector, as its performance may be the key to the next move in the broad market.

Clearly, there has been a lack of leadership by large cap stocks during the current uptrend. Further, it is not uncommon for trends to reverse when there is a lack of participation by all components of the broader market.

Over the past eleven trading days, the ProShares UltraShort Gold ETF (GLL) has seen a massive increase in volume. Large volume spikes often foreshadow trend reversals.

Stocks responded favorably to Tuesday's heavy volume sell-off with a solid day of gains across the board in the major averages.

Apple, Inc. (AAPL) stock fell about 6% (20 points) lower in after-hours trading. Today, traders will be focused on whether or not institutions step in to buy AAPL into weakness. If they don't, there could be a negative reaction spread to the broad market as well.

There are signs that the market is weakening. In the absence of a strengthening banking sector, the rally may be losing the fuel it needs to maintain its current advance.

Going into today's session, traders may want to keep an eye on US Oil Fund (USO).

While it certainly is a good idea to continue taking advantage of the bullish trend, a healthy degree of caution should be exercised near current price levels, due to significant impending price resistance and overhead supply.