BALTIMORE ( Stockpickr) -- The market gave us a tepid close for the first trading day in May as investors absorbed a slew of economic and geopolitical data. But even though most asset classes closed lower on Monday, there's reason to believe that the market could see additional upside this month.
Most significant is the major breakout that the S&P 500 made last week, plowing through its previous February high of 1,344 to close at a post-2008 high of 1,370.58 an hour into yesterday's market session.
Even though indices are moving higher, there's more to any move than just direction; market strength is another consideration. By and large, the S&P's ascent has been fueled by advances in the majority of issues, but we'll want to see strong hands push stocks higher (that is, through tougher resistance levels) in the near-term for this rally to stick.
Related: 5 Stocks Setting Up to Break OutThere's been no shortage of "news" attributed to Wall Street's moves lately, but taking a look at the technicals gives us a more tradable view of the market right now. That's why we're looking at a new set of technical setups for this week. 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.
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