If last week's reversal attempt gets some legs, there will be plenty of time to take advantage of opportunities that develop in the near-term.

In the short-term, Deron Wagner's plan is to wait for the major indices to approach support of their 20-period exponential moving averages on the hourly chart.

If you are a nimble, astute trader, short selling can be profitable, but Deron Wagner thinks that capital preservation should be your number one priority in the current environment.

Deron Wagner continues to trade with reduced share size, as the market continues to give us fake-outs and shake-outs.

Right now, focusing on a shorter-term time horizon, as well as trading with reduced position size, is a much safer bet than taking intermediate-term trades with full size in an indecisive market.

The longer the S&P 500 remains in its consolidation pattern, the more likely it will eventually lead to new lows in the coming weeks or months.

If the S&P fails to regain any ground Friday, a test of last month's lows will likely confront traders instead.

Deron Wagner writes that the technical damage to the market's short-term uptrend is limited.

The bulls don't want to see too steep of a retracement today that causes yesterday's trend reversals to fail.

With the broad market in a situation that could easily lead to another leg higher in the short-term, Deron Wagner stresses the importance of knowing which ETFs may offer the best momentum-trading opportunities for further upside.