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 broke the support of a sideways trading range dating from January 2011 and its EMA40, on 49% above-average volume but “saved” its uptrend support from July2010, on falling but near-support momentum.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features: