BALTIMORE (Stockpickr) --Stocks are continuing to power through the week on the heels of one of the biggest single-week gains in the S&P 500 since 2009. And solid trading setups are coming out of the woodwork right now. Here's a look at how you can take advantage this week.
I kicked off last week's column by saying that it "could be a big week for the bulls." I wasn't just talking about percentage gains (which certainly panned out) -- I was also talking about the technical significance of a bounce in the broad market. Now, with a "floor" set in the S&P, the bulls are certainly back in town.
The last few mini-rally sessions in the S&P 500 haven't been quite as compelling. In the past, stocks have moved higher, but they've largely been missing market breadth. This time, stocks aren't just moving higher -- they're also pushing through key resistance levels. That's a very bullish sign that traders shouldn't be ignoring right now.
Related: 5 Breakout Trades for July ProfitsTo be clear, I still think it pays to be tactical in this market, but traders can at least start to breath a little easier in July. That said, let's take a look at some promising technical setups that are taking shape in Wall Street's biggest-name stocks right now. In case you're not familiar with ttechnical analysis, technical charts are used every day by proprietary trading floors, Wall Street's biggest financial firms and individual investors to get an edge on the market. And by some measures, skilled technical traders can bank gains as much as 90% of the time. Every week, we take an in-depth look at large-cap stocks that are telling important technical stories. Here's this week's look at the technicals of five must-see stocks.
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