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 1 more resistance but on 2% below-average volume and on near-resistance momentum. It is now knocking on its upcycle resistance, 80 points or 6% away from its downtrend resistance. It took the index 9 weeks to move from its lowest close of the upcycle (1123) to the current close or 12.77 points/week on average.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
