BALTIMORE ( Stockpickr) -- Europe's latest meltdown couldn't have come at a better time for Mr. Market.
That may seem like a strange thing to say. After all, the European austerity protests have been a big part of the five straight days of decline that the S&P 500 has been put through. But in the context of the rally that's been running hard since June, this correction couldn't have been timelier.
We've got to keep recent market action in context after all: The S&P is up more than 14% this year, most of that since the beginning of June. And even more significantly, the rally has been orderly. By that, I mean that the S&P has been bouncing higher in a well-defined trend channel that gives traders a much better handle on the market's likeliest moves. With Europe starting to unravel at the exact same time that Mr. Market was starting to correct back down to the bottom of the channel, the market's in a good position to rebound into October.After all, negative headlines could take the wind out of a rally attempt. Instead, the S&P is right at trend line support as I write, ready for a bounce higher. That's why we're turning our focus to trading opportunities in a handful of charts this week. If you're new to technical analysis, here's the executive summary. >>5 Blue-Chip Stocks Ready for Buyers 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, I take an in-depth look at big names that are telling important technical stories. Here's this week's look at the charts of five high-volume stocks ready to move higher.