For the broad market, Deron Wagner is seeing a tradeable bounce off the 20-day EMA and intermediate-term uptrend line of the S&P 500.

Going into today's session, the focus will be on that pivotal support of the S&P 500's 20-day EMA. The broad market could easily bounce because it is the S&P 500's first test of its 20-day EMA in nearly a month.

Unless stocks suddenly jump above yesterday's highs in today's session, odds are good the major indices will follow through to the downside, on the heels of Wednesday's break of the hourly uptrend lines.

Deron Wagner believes stocks will eventually retest their March lows and put in a more significant bottom before moving much higher, but it could take a while before that happens. The charts have shown him nothing more than a substantial countertrend bounce within the context of a primary bear market.

In each of the past three sessions, the Dow tried and failed to move above its 200-day MA. If the Dow is unable to reclaim its 200-day MA in the near future, the bullish momentum we've been seeing could quickly turn into major selling pressure, at least in the short-term.

Deron Wagner writes that the bulls and bears may be starting another round of tug-of-war to battle for dominance throughout the remainder of May.

As long as the market holds up, he'll take advantage of ETF setups on the long side, but he remains cognizant of the not-so-positive big picture and is ready to switch sides at a moment's notice.

The laggard S&P 500 is now kissing its weekly downtrend line, while both the Nasdaq Composite and Dow Jones Industrial Average have marginally moved beyond their downtrend lines.

The inverted hammer patterns, along with newfound weakness in leading stocks, simply helped confirm what Deron Wagner had already begun thinking -- the countertrend bounce within the primary bear market may be nearing an end.

All of the agricultural ETFs have also begun showing relative weakness and may drop even more if the rate cuts stop.