The S&P 500 Index has been on the verge of breaking through the 1,900 level for almost three months now, and it finally managed to surmount this obstacle with Friday’s close at 1900.53.
If the index can remain above this level and sustain a move above its previous high of 1902.17, it will be an extremely positive sign for the market — especially since it comes at a time of soft economic data and pronounced weakness in the small-cap sector.
Traders who are looking to play such a breakout can always stick with the index itself through a play on the SPDR S&P 500 ETF (SPY). However, those who are looking to pick up some extra beta can focus on individual stocks that also are on the cusp on breaking out, and that could be pushed above previous highs in a broader market move.
With that in mind, here are six stock charts to watch for possible breakouts: