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 three resistances, but it happened on 14% below-average volume and on near-resistance momentum. The index is now 9 points away from its EMA40 and 100 points or 8% below its downtrend resistance.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
