Here's the latest in a series of weekend perspectives from Serge Perreault, a Chartered Accountant and market technician located near Montreal, Canada. Serge has been following the S&P 500 in a series of charts since mid-January: Jan 19, Jan 24, Jan 31, Feb 5, Feb 12, Feb 19, Feb 27, Mar 6, Mar 19, Mar 26, Apr 2 and Apr 9.

This first chart is Serge's annotations on an S&P 500 daily chart. The second chart is a monthly view going back to 2000. The S&P 500 closed an otherwise positive week with a Friday loss of 1.61%, which left the index down fractionally 0.19% for the week.

In the first chart, Serge shows that the index broke its up cycle support, apparently moving into a sideways trading ranging on above average volume and falling momentum. See his annotation for a couple of correction possibilities.

The second chart illustrates that although the index may appear to be in a powerful uptrend from the March 2009 low, it's instructive to compare the current momentum with the uptrend following the 2002 Tech bottom. The latest rate of change (ROC) indicator isn't as strong as during the previous recovery.

Click the charts for a close-up view and Serge's detailed annotations.

• ROC (Price Rate of Change)
• RSI (Relative Strength Index)