BALTIMORE (Stockpickr) -- When it comes to investing, a rising tide lifts all boats -- and the tide is finally rising at the end of May.
After spending close to three months churning sideways, the S&P 500 index finally broke out above the top of its range in yesterday's session, clearing the way for materially higher stock prices this summer. Even though most of the attention has been on the S&P's move above 1,900 earlier this week, yesterday's breakout in the big index is the real factor in higher share prices early in this morning's session.
And with that, we're seeing similar bullish price action in the big individual names this week. That's why we're taking a technical look at trading setups in five of Wall Street's biggest stocks today.
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.