BALTIMORE ( Stockpickr) -- With broad-based indexes at key technical levels this week, we're witnessing a potentially volatile time for the market. Once again, it's all going to come down to how Wall Street digests the bevy of fundamental data being thrown at investors to start November.

Right now, the S&P 500 index is testing a push above its 200-week moving average, a resistance level that's smacked shares lower in the past. A move above the 200-week moving average wouldn't be without precedent -- the Dow broke above that level in October -- but it'll be difficult given the fact that momentum levels are looking overbought right now.

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That doesn't mean that we won't see higher levels for stocks to end the year -- only that investors will be treading on thin ice until the S&P 500 clears resistance. The broad-based index is sitting on the heels of a rally not seen since April, after all. We'll want to see stocks cool down with some sideways price action to avoid a snap backwards.

Even with all of that in mind, this week, we're taking a look at three promising technical setups to wring maximum upside out of the market.

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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.

Here's a look at this week's potential trades.

Cruise operator Carnival ( CUK) has hardly been full-steam-ahead this year.

The company, which with 90 ships in its fleet ranks as the largest cruise ship operator in the world, is essentially flat on the year following volatile price swings that had shares trading below the $32 level in 2010. But Carnival's shareholders could be in store for a bullish turn thanks to the pattern that's currently forming in shares.

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While Carnival's year-to-date performance hasn't exactly been awe-inspiring, the company has rallied nearly 40% from a double bottom back at the end of August. That has helped to at least get the company's share price back in line with where it was to start the year. Shares slid a bit in early October but bounced off of support at $40, climbing all the way to $44 as a result.

Now a bullish ascending triangle pattern (small though it may be) is sending a good signal to shareholders. With a bullish moving average crossover nearby to spur an upward move in shares, Carnival could see a new 52-week high set before the end of 2010.

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Things don't look quite so attractive for Morgan Stanley ( MS).

Despite Morgan Stanley's status as one of the last remaining independent investment banks, the company has faced significant struggles to keep up with competitors whose easier access to liquidity puts them at a competitive advantage. Like many financial firms, MS is banking on an increased focus on service revenues, not trading profits.

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That said, for short-side traders, there could be additional trading profits to be made off of this stock.

Morgan Stanley has been locked in a sort of unattractive descending triangle pattern (the opposite of Carnival's pattern, as it happens) since the beginning of the summer. The descending triangle is a bearish pattern marked by a set horizontal support level and lower highs. With support currently at $24, a break below that level could send investors scrambling to sell.

>>Who Owns Morgan Stanley?: Bruce Berkowitz

The last time Morgan Stanley saw a move below the $24 level, shares ultimately fell to $22.50, setting longer-term support. For that reason, $22.50 is a reasonable price target. Still, don't consider shorting until $24 gets breached.

Ventas ( VTR) is an $8.5 billion health care REIT that owns 505 medical and senior housing facilities spread throughout 43 states and two Canadian provinces. Coming off of a large uptrend, Ventas could be on the verge of higher ground for investors who can act fast.

This stock has been uptrending for the last several months, providing impressive returns to investors. With shares stuck within a trading channel, VTR's price action has been fairly predictable since the beginning of June. That said, highs are starting to shallow, reflecting investor anxiety in the broad market. Investors who want a piece of this price action will need to get on board soon.

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VTR's price is currently sitting on trend channel support. Consider taking part in this upside play as it pushes back up to resistance. Keep a stop right around $53 to protect against pattern failure.

To see these plays in action, check out the Technical Setups for the Week portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.


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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on

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