BALTIMORE ( Stockpickr) -- Murmurings of the January Effect are in full effect today following Monday's 1.13% gain on the S&P 500 and this morning's early strength in Europe and the U.S.The January Effect, the phenomenon of higher equity prices during the first month of the new year, has taken greater significance of late as investors try to erase memories of 2008's market losses. While the first trading day for 2011 certainly gave investors an auspicious start to the year, yesterday's significance is a bit overblown. Instead, if any single data point should get extra attention this week, it's the current sentiment scores we're seeing. Related: How to Trade This Week's Earnings The market's purely sentiment-driven, after all. Investor sentiment has been increasingly bullish over the course of the last month, and for that reason, it makes sense to take a look at potential technical setups that could bear fruit in January. Remember, 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.