BALTIMORE (Stockpickr) -- Consumer stocks are making a comeback this summer -- and that's putting some tradable setups on our radar this week.
Consumer-driven names weren't a place you wanted to be just a few months ago. Back in May, consumer goods stocks were down more than 5% on the year, compared with modest gains for the rest of the S&P 500. But after a shaky second quarter, consumer discretionary stocks are showing signs of strength again thanks to upticks in spending. Now, on a relative strength basis, consumer discretionary is the best-positioned sector on the market today.
To take advantage of that reversal of fortunes for your portfolio, we're honing in on five consumer discretionary-driven stocks that are showing off big technical setups in August.
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.
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Without further ado, let's take a look at five technical setups worth trading now.