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.
We’ve seen a positive week for the S&P 500: Although its volume was 10% below-average, it moved up nicely, on improving momentum and while its EMA10 resurfaced above its EMA40 for the first time since last August.
Next week will be challenging as it will be testing the resistance of a sideways trading range from last October.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
