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Stockpickr) All told, the
S&P 500 has moved a whopping 0.22% since the start of August, hardly price action worth writing about. But while the magnitude of the S&P's move hasn't been noteworthy, the positioning of the battleground has been.
>>5 Rocket Stocks to Buy Before They Blast Off
The big index is a mere 20 points away from the all-time highs posted on August 2. That's just 1.2% away from where the S&P stands today at 1,689. After two weeks of consolidating sideways, stocks don't have far to move before hitting another high-water mark - and that could have some big implications for the staying power of this rally.
True, plenty of investors are calling for a top in stocks
again here, but to paraphrase Mark Twain, the reports of the rally's end have been greatly exaggerated. That's why we're taking a look at five technical setups worth trading this week.
>>4 Stocks Spiking on Big Volume
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.