WINDERMERE, Fla. (
Stockpickr) -- U.S. stocks dipped a bit lower on Friday before bouncing modestly higher, keeping the
S&P 500 within range for its first weekly loss in six weeks as housing-related equities dropped after data showed a decline in single-family home sales.
Home sales dropped 1.8% in February, according to the Commerce Department. This bearish housing data has now pushed the S&P lower for potentially its fourth straight trading session, which marks its longest losing streak in four months.
Despite the slight market weakness, the
Down Jones Industrial Average is still trending above its psychologically important level of 13,000. The
Nasdaq is also still trending above its psychologically important 3000 level, but the S&P 500 has lost its key psychological level of 1400. If all indices were to start closing below those key psychological levels, then the bears could gain some traction and spark a much deeper selloff.
>>5 Stocks Under $10 Poised to Move Higher
At last check, the Dow was trading up 42 points, and the S&P 500 was trading up 4.5 points. The tech-heavy Nasdaq was the weakest index with tech shares off by around 3.5 points. No matter what the market is doing, there are also sectors and stocks that are seeing buying interest. Money loves to rotate from one area to the next on Wall Street as traders' position themselves for the next major trend. This means that there are also sectors and stocks breaking out.
is not a new game on Wall Street. This strategy has been mastered by legendary traders such as William O'Neal, Stan Weinstein and Nicolas Darvas. These pros know that once a stock starts to break out above past resistance levels, and hold above those breakout prices, then it can easily trend significantly higher
Here's a look at a number of
stocks that are setting up to break out and potentially trade higher from current levels