Here's the latest in a series of updates from Serge Perreault, a Chartered Accountant and market technician located near Montreal, Canada. Serge anticipated the S&P 500 pullback that began in January, and he has nicely annotated the 8.1% decline and apparent recovery in a series of weekly updates:
Jan 19, Jan 19, Jan 24, Jan 31, Feb 5, Feb 12, Feb 19, and Feb 27.
The S&P 500 closed the week up 3.1% and is positioned on downtrend resistance dating from the market peak in October 2007. Serge's latest chart adds sideways resistance lines for the index price, the rate of change, and the relative strength index (labeled A, B and C on the chart). For the S&P 500 price, that sideways line is around 1150.23, the interim high on January 19th.
Click the chart for a close-up view and Serge's annotations.
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