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 3 supports (including its EMA10), on 1% above-average volume and on falling momentum.
The falling volume and momentum of the last 3 weeks had announced that weakness.
A break of the 1350 support would confirm a downtrend and suggest a fall on the EMA40 support.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
