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TheStreet Open House

5 Big Stocks Set to Slingshot Higher

Stock quotes in this article: MCD, SWKS, ROP, EMC, SPF

BALTIMORE ( Stockpickr) -- The tug-of-war between bulls and bears continues this week, as today's European summit provides investors with new reasons to run for cover or buy with both hands, depending on how you look at it.

The two-day summit kicks off today, where it's expected EU leaders will come up with a stronger plan to unify Europe's banks, a necessary move given the capital shortfalls at Spanish banks in the past few weeks. That said, many investors expect the meeting to be a flop -- and they're using that as an excuse to be on the selling side of equity trades this week.

>>5 Big Stocks You Can Buy Dirt Cheap

So the bears are getting bigger in number right now, a sign that maybe it's not such a great idea to be bearish right now -- especially given that the S&P 500 has been able to catch a bid and hold support at 1310 during its last two attempts. Yes, buyers may be outnumbered right now, but they're still buying in this market.

And that's exactly why we're paying attention to five big stocks that are set to slingshot higher in this market. Today, we'll take a technical look at them.

If you're new to technical analysis, here's the executive summary.

>>ACTIVE STOCK TRADERS: Check out Stockpickr's special offer for Real Money, headlined by Jim Cramer, now!

Technicals are a study of the market itself. Since the market is ultimately the only mechanism that determines a stock's price, technical analysis is a valuable tool even in the roughest of trading conditions. 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 research shows that skilled technical traders can bank gains as much as 90% of the time.

Every week, we take an in-depth look at big names that are telling important technical stories. Here's this week's look at the technicals of five high-volume stocks ready to move higher.

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