BALTIMORE ( Stockpickr) -- Another week, another central bank event for investors to pin their hopes on.
Last week, it was Ben Bernanke's Jackson Hole, Wyoming speech that investors were transfixed on. This week, it's European Central Bank President Mario Draghi's press conference that's grabbing the headlines. Once again, Wall Street is expecting the best from financial leaders, with a record interest rate cut expected by many economists.
But speculation aside, price action shows buyers are coming back out of the woodwork today, spurred on in large part by dropping bond yields in the eurozone -- not to mention a rally here at home in the S&P 500 that's nearing a bounce off of an important support level. I've been harping on the S&P's climb for the last few months now. Too many investors are ignoring a rally that's already accounted for around 90% of the gains in what's already been a very good year from a historical basis.That's why we're taking a fresh technical look at five new setups set to slingshot higher in this market. If you're new to technical analysis, here's the executive summary. >>5 Technical Trades Under $10 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.