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 resumed its ascension, on 7% above-average and on strong but near resistance momentum. The index is about to test 2 resistances, 19 points or 1.4% below its April 2011 weekly close peak.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features: