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3 Technical Setups for the Week

BALTIMORE (Stockpickr) -- The push higher continued on Monday, as broad market indices averaged gains of around 55 basis points by the market's close. Those gains come at a critical time for stocks, with the S&P 500 sitting just above a key support level to end last week.

Now that the index is putting some space between itself and its near-term price floor at 1,300, it looks like we could be facing a furtherance of the broad-based rally that's already sent stocks up double digits in the past six months.

With February off to a strong start, let's turn to three promising new technical setups that could trigger trading this month.

Related: Breakout Stocks: Sirius, Fortress, Energy XXI

Remember, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's chart patterns and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.

Here's a look at this week's potential trades.

Stock quotes in this article: UGP, ELP, SMG 

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