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 its upcycle resistance, thus accelerating its ascension, but on 3% above-average volume only and on still near-resistance momentum. It is now about 25 points (or 2%) away from its downtrend resistance.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features: