By Roberto Pedone

BALTIMORE ( Stockpickr) -- Technical analysis can be a great asset to investors who want to determine what the trend of the market or a stock is before they throw down hard-earned money. Consulting the charts can help you spot important market action before it happens, preparing you to follow the trend and make the right trade.

Technical analysis is a method of evaluating securities by relying on the assumption that market data, such as charts of price and volume, can help to predict future market moves and trends. Technical analysis will help guide you to discovering the chart patterns that offer the highest probability of success. By consulting the charts and using technical analysis, plus combining those methods with fundamental analysis, you will truly have an edge over a majority of market participants.

From a technical perspective, the S&P 500 is currently stuck in a trading range between 1157 and around 1130. This trading pattern shows a market that is in consolidation mode and possibly preparing for a big move in the near future. The direction of that move won't be clear until the market makes a definitive breakout either above or below the current trading range.

Also: Must-See Charts: Apple, BP, JPMorgan

A breakout above 1160 and then 1173 will seal the deal for the bulls and will give the market a clear path towards 1130. A move below 1130 and then 1106 (the 50-day moving average) should seal the deal for the bears and setup a test of the August lows at around 1040.

Here's a look at some compelling charts that are piquing the interest of the Stockpickr community.

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