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Here's the latest weekend update from Serge Perreault, a Chartered Accountant and market technician located near Montreal, Canada. Serge has been following the S&P 500 index in a series of weekly charts. Serge explains:
This week, the S&P 500 "saved" its support (for the 3rd time since May 3), on 3.8% below-average volume and on weak but, near-support momentum. The index remains inside a downtrend from 2007 (log scale). It may be worth repeating that the longer the sideways trading range, the stronger the breakout (of the resistance) or the breakdown (of the support) will be.
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