Today is "quadruple witching" options expiration, the day on which contracts for stock options, stock index options, stock index futures, and single stock futures all simultaneously expire. Volatility is typically quite high on this day each quarter.

The S&P 500 has retraced just over 50% of its loss from the June 4 high, down to the June 8 low. If the index clears the June 11 high, resistance will next be found at the 61.8% Fibonacci retracement of the 1,520 level.

As it did four sessions ago, the broad-based S&P 500 has once again closed right at its 50-day MA. The difference this time, however, is that it will be the S&P's second test of support in a short period of time.

Many of the international ETFs, among the best performers of the recent bull run, have begun to form bearish "head and shoulders" chart patterns since last week's correction began.

Prior uptrend lines on the S&P, Nasdaq, and S&P Midcap 400 that were broken a few days ago will now act as resistance.

With all of the indexes trading firmly below their 20-day EMAs and nearing their 50-day MAs, Deron Wagner's intermediate-term bias has shifted from neutral to moderately bearish.

Deron Wagner writes that the S&P and Dow charts above are at a "make it or break it" level.

Recently, PowerShares WilderHill Clean Energy (PBW) has begun to show renewed signs of life.

After lengthy periods of consolidation, several ETFs that track a broad array of commodities are now poised for breakout.

Professional trader Deron Wagner provides analysis of the most popular exchange traded funds for June 4.