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.
As expected, the S&P 500 did not have enough power: not only did it bounce off a resistance but it also broke its EMA10, on 2% below-average volume and on weak momentum. It is now about to test the support of a sideways trading range dating back to Feb. 13, 2012.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
