Over the next several days, Deron Wagner would like to see the main stock market indexes gently retrace some of their recent gains, or at least consolidate in a tight, sideways range.

Deron Wagner's only realistic plan of action is to see how today's session plays out, particularly with regard to whether or not the opening gap holds up.

Although technical analysis provides traders with the facts needed to consistently put the odds of success in their favor, even the most reliable indicators will occasionally provide false signals.

Deron Wagner has changed his near-term bias from bearish to bullish.

Now that the S&P and Dow have definitively broken down to new lows, it paves the way for a "capitulation" process to get under way.

Right now, the U.S. stock market is in a highly sensitive, news-driven environment that is wreaking havoc with sound technical analysis strategies.

Although Deron Wagtner thinks there's a fair chance that a short-term bottom may form, he has not suddenly turned into a raging bull.

Deron Wagner finds that practically every ETF is showing major indecision, along with violent, whipsaw moves on its daily chart.

The overall broad-based trends for the short-, intermediate-, and long-term have reverted back to bearish.

Even the various commodity ETFs, often considered a defensive play on the overall stock market, remain dead, stuck in choppy ranges near their lows.