BALTIMORE (Stockpickr) -- Don't stress out about your portfolio just yet -- this isn't as exciting a week for stocks as all of the Cyprus and Fed news would have you believe.
In fact, the S&P 500 is currently staging the most tepid correction it's seen since November, drooping lower in three sessions before getting scooped back up by eager equity buyers. While this latest short-term correction isn't over until the big index shoves its way above 1,563, we're hardly on the edge of the precipice and looking down. The broad market's rally is still looking extremely orderly right now, and this week's price action is a necessary step to keep the rally rolling on.
While the price action in the S&P 500 isn't exactly nail-biting, there are some more exciting setups shaping up in its constituent stocks -- so that's what we're focusing on today. As usual, we're taking a technical look at the price setups forming in five of the biggest names on Wall Street.If you're new to technical analysis, here's the executive summary. >>5 Dow Dogs That Could Stomp the Market in 2013 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. >>5 Stocks Insiders Love Right Now
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