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Charts of the Week: Emulex, LSI, SPY

By Roberto Pedone

WINDERMERE, Florida (Stockpickr) -- Technical analysis can be a great asset to investors who want to determine what the trend of the market or a stock is before they throw down hard-earned money. Consulting the charts can help you spot important market action before it happens, preparing you to follow the trend and make the right trade.

Technical analysis is a method of evaluating securities by relying on the assumption that market data, such as charts of price and volume, can help to predict future market moves and trends. Technical analysis will help guide you to discovering the chart patterns that offer the highest probability of success. By consulting the charts and using technical analysis, plus combining those methods with fundamental analysis, you will truly have an edge over a majority of market participants.

From a technical perspective, the S&P 500 has put in a triple bottom pattern at 1040 which is now viewed as major support for the markets. The next area of significant resistance that traders should be watching is at 1100. Also, the 100-day moving average at 1107 is another area of major resistance that market players need to keep an eye on. If the S&P 500 can get above those resistance levels, then a move towards 1130 could be in the cards.

Keep in mind that as long as the S&P is under the 200-day moving average (1115.56), things could remain dicey for the bulls in the short term. True bull markets don't get confirmed until all the major indices are trading above both the 50-day and 200-day moving averages. Also keep in mind that every decent rally in the S&P since June has been met with sharp selloffs. A move above the 200-day that can hold would help to change that trend.

Here's a look at some compelling charts that are piquing the interest of the Stockpickr community.

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