BALTIMORE (Stockpickr) -- Another record close got booked in the S&P 500 yesterday, this time spurred by buying after an optimistic message from the Fed.
Year-to-date, the S&P has added 5.88% to its starting price, which means that it's on pace for 15.5% annualized total returns in 2014. That's a vastly different picture from where we stood just a couple of months ago, when the big index was actually down for the year. And, more important, it's creating some attractive trading opportunities in some of Wall Street's biggest names.
Today, we're turning to the charts for a technical look at five setups to trade for gains this week.
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.
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.