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TheStreet Open House

5 Blue-Chip Stocks to Trade for Gains: Must-See Charts

SPDR S&P 500 ETF

It makes sense to begin with the broad market. To do that, we'll turn to our best investible proxy for "stocks" as a group: the SPDR S&P 500 ETF (SPY). The S&P essentially went straight up for all of 2013, but 2014 became a lot harder to decode thanks to a deep correction in January and a sideways churn that spanned from March to the end of May.

>>Move In to Hedge Funds' 5 Favorite REITs This Summer

But through it all, the most important takeaway has been the fact that nothing really changed in 2014; the S&P continues to be a "buy the dips market". We've just got to wait for the next dip.

Since late 2012, the S&P has been bouncing its way higher within an uptrending channel defined by a pair of parallel trend lines. That channel still identifies the high-probability range for SPY to stay within. Every test of trend line support in those last 19 months has provided a low-risk buying opportunity for investors.

With the big index near the top of its channel right now, another correction looks likely toward the end of this month, but that will be followed up by another ideal buying opportunity for stocks near that trend line support level.

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