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Two Golden ETF Opportunities

by Deron Wagner

The S&P 500 undercut major support of its 2002 low last week, giving traders and investors an impetus to start buying stocks again, at least in the near term. After briefly dipping below support of its 2002 low, the S&P 500 reversed and ripped higher in the days that followed. This enabled the benchmark index to move back above resistance of its prior lows from October 2008, thereby changing my overall intermediate-term bias to cautiously bullish. In the short term, however, I'm more neutral on market direction because total market volume throughout the past week's rally was pretty light. Over the next week, I'd like to see the major indices pull back to support of their 20-period exponential moving averages on the hourly charts (20-EMA/60-minute). The pre-Thanksgiving rally on Nov. 26 was bullish because it pushed the main stock market indices back above their October 2008...

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