5 Big Stocks Ready to Slingshot Higher
That's because the S&P 500 has climbed 11.5% since the first trading day of January, a massive gain for any year on a historical basis. And the summer has been even stronger: Since the start of June, the S&P has climbed 9.7% in one of the most orderly rallies in recent memory.
But there's a lot of noise on Wall Street right now. Between drama that continues to unfold across the pond and earnings season's data dump of financials, there are some significant factors ready to distract investors from what's going on in the broad market right now.
At this point, the rally isn't showing any signs of slowing. Based on the script that the S&P's ascent has followed this summer, I think it's likely we'll see a few sessions of correction coming up, but the critical factor to watch is the higher highs and higher lows being set by the big index. As we come up near important resistance at 1420, investors had better be taking note.
That's why we're taking a technical look at five huge names that could slingshot higher in August.
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.