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 two resistances thus ending a downtrend from last April, on 2% below-average and on improving but near resistance momentum.
The index is now 35 points or 2.7% away from the July resistance.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
