Courtesy of Doug Short.
Here’s the latest weekend update from Serge Perreault, a Chartered Accountant and market technician located near Montreal, Canada. Serge has been following the U.S. market in a series of weekly charts. Here is his update on the S&P 500.
The S&P500 broke a resistance, on 3.1% above-average volume and on improving but near-resistance momentum. It is now 2.4 points away from breaking its April 2011 weekly close peak.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features: