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, Apr 9 and Apr 17.

The S&P 500 gained 2.11% for the week to set a new interim high. The top chart is a daily view of the S&P 500 since the 2009 low. Here Serge shows that the index is squeezed between its uptrend resistance and up cycle support on above-average volume and rising momentum but near overbought territory. See his annotations for specific details and the next support should the up cycle be broken.

The second chart is Serge's monthly view going back ten years. Here he points out some interesting similarities and differences between the current recovery and the one in 2002-2004.

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

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