BALTIMORE ( Stockpickr) -- With the first official day of summer under way, should we expect more of the "summer doldrums" that have rocked the market this month? Early signs point to no.

After what I'd only describe as a train wreck start to June, stocks are finally starting to show some semblance of support to end the month. June started off with one of the worst selling streaks we've seen in years, reversing nearly all of the market's hard-earned gains in 2011. The S&P 500 slammed into the 200-day moving average, a price that coincides with that very same secular trend line support level that we've been watching for the last few weeks.

It's clear that the market was painfully oversold into the end of last week. That said, traders shouldn't underestimate the strength of demand below the S&P's trend line support level. What's the best way to parlay that sort of strength into gains right now? Let's look at a handful of promising technical setups to find out.

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Remember, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action 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 setups.

Lululemon Athletica

Shares of Lululemon Athletica ( LULU) have made a prodigious run already in 2011, climbing more than 42% year-to-date, as traders and investors piled into this momentum stock. Now shares of this $7 billion apparel retailer could be in for a much larger push.

That's thanks to an inverse head-and-shoulders setup that's forming in shares. An inverse head-and-shoulders setup is a bullish formation that demonstrates exhaustion among sellers -- and even in June's weak market conditions, it's been the hallmark for momentum stocks that broke out to make major highs. I would strongly suggest traders watch this name closely.

While the formation is still in the relatively nascent stages, that could change very quickly -- don't be fooled by the space that shares still need to traverse before testing their $100 resistance level. $100 is an important psychological barrier that, once surpassed, can serve as a springboard for shares in this situation.

I'd suggest buying on a sustained breakout above $100 and keeping a protective stop right around the 50-day moving average.

One bullish bet on Lululemon comes from Columbia Wanger Asset Management -- with a 5.6 million-share position, the stock is its largest holding as of the most recently reported period.

Riverbed Technology

Naturally, not all of this week's setups are going to be bullish -- and now we're seeing the exact opposite setup from Lululemon in tech stock Riverbed Technology ( RVBD), one of TheStreet Ratings' top-rated communications equipment stocks. Riverbed has been setting up a head-and-shoulders top since the beginning of 2011. Now, with shares sitting just above their neckline, this name could be a solid short candidate this summer.

One telling factor in favor of this trade is the "neatness" of the pattern. Shoulders on the setup are very symmetrical, and the neckline is very well-defined. That means it makes sense to bet against shares of RVBD on a plunge below the $30 neckline level. Wait for that to happen before making a trade.

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Coca-Cola Enterprises

Coke bottler Coca-Cola Enterprises ( CCE), one of TheStreet Ratings' top-rated beverage stocks, is showing traders a significantly more auspicious sign right now. The firm, which now holds only its European operations after selling its North American business to Coca-Cola ( KO), has rallied double-digits in 2011, showing substantial relative strength over the broad market. With shares in a channel up, now looks like a good time to build a position.

A "channel up" is a price channel that's bounded by uptrending support and resistance levels. The implications are pretty substantial -- because shares have already proven the efficacy of trend line support, that level provides a low-risk entry point for investors. That doesn't mean it makes sense to buy shares as they approach support; trend lines to eventually fail, after all. Instead, the high probability trade comes on early signs of a bounce off of that trend line support level.

For CCE, that bounce has already occurred, and it coincided with a push above potential resistance at the 50-day moving average. With no upside barriers in the way, I'd suggest going long shares now. Keep a protective stop just below the channel to protect against unforeseen market events.

As of the most recently reported period, Coca-Cola Enterprises is one of the top holdings of Michael Price's MFP Investors.

CGI Group

Mid-cap information technology firm CGI Group ( GIB), one of TheStreet Ratings' top-rated IT services stocks, is another stock that's managed to stay confined to its channel up despite significant broad market weakness.

Shares have been locked in their channel since the beginning of October, a factor that speaks to the strength of the channel. With shares approaching trend line support, the opportunity for a low-risk entry into this stock is worth investigating further.

Remember, though, it's essential to wait for a bounce off of support before actually taking on a position in GIB. If that trend line (and the 50-day moving average) fail here, you'll suddenly be sitting on a trade that no longer makes technical sense. A trend line break could also serve as a solid signal to current GIB holders that the ride is over.

If and when shares bounce, the rules remain the same: Take a position with a protective stop just below the channel. Look to exit the trade near the upper bound of the channel.

BP

Last up this week is oil giant BP ( BP). Shares have been setting up a bearish descending triangle setup, only to push below their support level even as the market was recovering. A big reason for that has been in the recent relative weakness in crude oil prices, which have been under pressure from increases in supply, tension among OPEC members and languishing demand.

Now the question is whether this support break is enough of a reason to short BP. In my view, the answer is "no" -- shares are consolidating right below support. As a result, bidders could easily shove shares back into the formation. We'll need to see a thrust away from support before I'd be able to justify going short in this name.

With shares of BP looking strong this morning as crude prices climb substantially, I think that exact scenario is likely to play out. A "fakeout" is often an indicator of an ultimate actionable breakout -- that means it's a good idea to watch this stock for another retest of support this summer.

BP, one of T. Boone Picken's top holdings, shows up on a recent list of 11 Energy Stocks Hedge Funds Love.

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 MSNBC.com.