BALTIMORE ( Stockpickr) -- Today is setting up to be a rough one for the markets. Stocks are already reeling from modest losses since the end of February that have been nominally small but possibly technically significant. The S&P 500 Index, which acts a good proxy for the broad stock market, has been in a definitive uptrend since the low two years ago in March 2009, and while today's price action doesn't threaten that overall trend, it does definitively break the shorter-term uptrend that's been in place since late 2010.That's not a concern in and of itself. Stocks saw a fairly large correction between April and September of last year, as the S&P retraced back to its long-term trend line. Because the rate of climb for the index has slowed considerably, though, the market's current price action certainly warrants watching. Of course, a down day for the market doesn't mean that you have to sit on the sidelines -- more than a few fortunes have been made on the short side of stocks as well. That's why we're looking at a new set of promising technical setups this week. Related: 3 Inflation-Beating Stocks to Watch 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.