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.
Due to a lack of a strong momentum last week, the S&P500 bounced off the resistance of a sideways trading range formation dating back to January, broke its EMA10 on 10.4% above-average volume and is now testing its EMA40.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
