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 resurfaced above its EMA40, on strong momentum but, on 1% below-average volume.
The index is about to test 2 resistances, halfway inside an uptrend dating back to the summer of 2010, while volume and momentum indicators are trending down.
Note: For newcomers to technical analysis, here are brief explanations for the two key indicators that Serge features:
