BALTIMORE ( Stockpickr) -- After a week of going straight up, the big indices are stomping on the brakes today. And that's a very good thing for anyone who owns stocks right now.
Last week, it looked like we were due to bounce. And we did. But what we got was less a bounce than a springboard. The S&P 500 is up more than 2% in those last five market sessions. For a rebound, that's a little too far, too fast.
That's why the bulls should be glad that we're getting a little corrective action in Thursday's session. For traders, the only thing more important than the market's direction is the fact that it's being extremely technically obedient right now. That means that there are some big high-probability trades to be made in this market.
So today, we'll take a look at five technical trades in big-name stocks.
If you're new to technical analysis, here's the executive summary.
Technicals are a study of the market itself. Since the market is ultimately the only mechanism that determines a stock's price, technical analysis is a valuable tool even in the roughest of trading conditions. Technical charts are used every day by proprietary trading floors, Wall Street's biggest financial firms, and individual investors to get an edge on the market. And research shows that skilled technical traders can bank gains as much as 90% of the time.
Every week, I take an in-depth look at big names that are telling important technical stories. Here's this week's look at five high-volume stocks to trade this week.