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&P 500 weakened this week but remains inside a sideways trading range showing a volatility of 5.6% for the year, on 9% below-average volume for the week and on now mixed momentum.
The S&P 500 weakened this week but remains inside a sideways trading range showing a volatility of 5.6% for the year, on 9% below-average volume for the week and on now mixed momentum.
Note: In his email accompanying the chart, Serge mentioned a general rule of technical analysis theory: The longer the sideways trading range and the more times a support and a resistance are tested, the stronger the resulting breakout (of the resistance) or breakdown (of the support) will be.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
