If the broad-based indexes close the day firmly above their 50-day MAs, it will confirm Deron Wagner's thinking that the new intermediate-term uptrend off the March lows is not dead yet.

Select ETFs with a low correlation to the broad market trends, such as PBW and EWW, have been showing relative strength by largely ignoring the recent weakness in the domestic market.

It's too early to declare the intermediate-term rally as dead because the major indices only closed below their 50-day moving averages for one session.

Many leading stocks logged impressive gains in Thursday's market, a requisite of bullish markets. It would be nice to see the S&P and Dow catch up today, along with further gains in the Nasdaq.

On the surface, Wednesday's session might quickly be interpreted as negative, but a closer look at the technicals reveals a different paradigm.

Sooner or later, the bulls will make a valiant effort to push stocks to new near-term highs.

Deron Wagner writes that the bulls still have the upper hand in the short-term, but the fact that intraday rallies have failed in each of the past two afternoons makes him more cautious.

The iShares Mexico Index (EWW) is forming a bullish consolidation that could launch it to a new high in the near future.

Deron Wagner expects an attempt for the stock market to make another leg higher in the next day or two.

Due to Tuesday's key technical breakouts, Deron Wagner's intermediate-term bias remains bullish. However, it would not be surprising if stocks traded sideways for another day or two before building on their newfound strength.