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Stockpickr) -- After yesterday's 1.8% selloff in the
S&P 500, the word "buy" may not be in your vocabulary. The 27.75-point decline in the big index marks the biggest single-day drop for stocks in 2013, not exactly the sort of milestone that most investors relish in hitting.
But it'd be a mistake to get too reactionary after just one day. After all, the big index is still up more than 4% in just the first two months of the year -- an ascent that still works out to nearly a 26% annualized return for stocks. This isn't exactly 2008.
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As a result, there are some tradable setups popping up all around us. One place that's seeing buy signals flash more than most is the service sector. While a large number of stocks (as well as the broad market) meander sideways right now, there are some trades worth taking this week.
Today, we'll take a technical look at five of them.
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For the unfamiliar,
technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.
So, without further ado, let's take a look at
five technical setups worth trading now.
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