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 “saved” the 2 supports it had broken on Monday (1 & 2) and is now knocking on its down cycle resistance (3), on 15% above-average volume but, on mixed momentum. It remains inside a sideways trading range dating back to August, 25 points away from its EMA10 and near the bottom of a downtrend formation.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
