BALTIMORE (Stockpickr) -- The economic calendar continues to have a hold on the markets this week as earnings season continues on full-bore and considerable news gets digested by Wall Street.
This week, the typical key economic numbers such as manufacturing data, housing, commodity inventories and inflation metrics will continue to be in play. So too will Fed Chairman Bernanke's testimony before Congress on Thursday morning (and other Fed presentations spread throughout the week).
But while uncertainty is still in the market right now, the technical outlook of the broad market still looks strong. The S&P 500 has gained nearly 6% year-to-date, and comparable indexes have rallied in kind. With multiyear highs in equities right now, several support levels acting as downside protection, there's plenty of reason to expect continued heights for stocks.
That's why it's such a crucial time to take a look at three promising new technical setups that could trigger trading this month.Related: Understanding Fibonacci Levels 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV