By Jonas Elmerraji BALTIMORE ( Stockpickr) -- Stock futures look set to take a pause on Tuesday, following a sizable rally that pushed the S&P 500 from just above 1100 all the way to yesterday's close at 1138.50. That reprieve from gains comes just in time. With a significant resistance level at 1150, the odds of pushing an overbought market even higher look slim. Now that the market appears to be taking a day to regroup, the odds of actually breaking new ground look significantly stronger.But we're not all that concerned with broad market moves today. Instead, it's time once again to take a technical look at the stocks that are best inclined for a breakout this week. Technical analysis is a way for investors to quantify qualitative factors such as investor psychology based on a stock's chart patterns 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. But all too often, investors don't know where to start. So every week, Stockpickr takes a look at stocks that could be staging a technical move soon and compiles a portfolio of promising Technical Setups. Here's a look at this week's stocks.
Defense giant Lockheed Martin ( LMT) has fared significantly better than the market so far in 2010 -- the stock is up 7.6% since January's first trading day -- and it looks like shares could be headed even higher before March is out.
Things are looking markedly different for BJ's Wholesale Club ( BJ). Although BJ's shares are also up on the year, the company has been on a roller coaster ride for some time thanks to a bearish price pattern that was followed up by earnings numbers that pleased Wall Street. Now, following a breakdown in the company's share price, the company's shares could be headed lower.
Pain management specialist Endo Pharmaceutical Holdings ( ENDP) is about to make a run for higher ground. The stock, which has been rallying incredibly hard in 2010, has made it to just below its $24 resistance level. Now, with March's bullish sentiment in tow, a breakout move is foreseeable for shareholders.
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