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Stockpickr) -- The
S&P 500 has effectively traded flat this week -- and you can practically
hear the sigh of relief from investors who've been sitting white-knuckled at their computers waiting for the worst to happen.
Here's a hint: It's not happening.
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While U.S. markets are in wait-and-see mode, overseas stocks are carrying on their own recovery rallies, with Japan's Nikkei 225 up close to 2% so far this week -- and around 10% year-to-date. Over in Europe, stocks are taking a breather too, but only because they've already shoved their way to new record highs in many major indexes. Make no mistake, those factors bode well for U.S. equities to keep on keeping on.
That's why we're taking a technical look at the price setups forming in five of the big names on Wall Street.
If you're new to
technical analysis, here's the executive summary.
>>5 Stocks Poised for Breakouts
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 to trade for gains.
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