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 recovery in a series of weekly updates:
Jan 19, Jan 24, Jan 31, Feb 5, Feb 12, Feb 19, Feb 27, and Mar 06.
The S&P 500 closed the week up 1% and pierced downtrend resistance dating from the market peak in October 2007. Serge's latest chart shows the S&P 500 now bumping into sideways resistance 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. The interim high of 1150.23 on January 19th yielded to a new interim high on March 11th of 1150.24. The index closed the week at 1149.99 after rising to a new interim intraday high of 1153.41.
Click the chart for a close-up view and Serge's annotations.
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