BALTIMORE ( Stockpickr) -- The battle is on this week, as buyers and sellers exchange blows at a key long-term support level in the S&P 500.
Yes, the big index is down this week. Frankly, to most investors it feels like it's down a lot. But the S&P is actually only 5% and change off from the all-time highs it set earlier this year. The carnage on investors portfolios really isn't quite as bad as it may feel, and so as the S&P tests trend line support, we're still very much in a "buy the dips" market at this point.
And this certainly counts as a dip.Of course, that doesn't mean that it's time to go buying with both hands again -- far from it. The dip isn't buyable until the S&P catches a bid higher (all trend lines do eventually break after all). But some big individual names aren't waiting for confirmation from the broad market. That's why we're taking a technical look at five new big-name trades this week. >>5 Stocks Set to Soar on Bullish Earnings If you're new to technical analysis, here's the executive summary. 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. >>5 Low-Priced Stocks to Trade for Gains Every week, I take an in-depth look at big names that are telling important technical stories. Here's this week's look at five high-volume stocks to trade this week.
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