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, Apr 17 and Apr 24.

The S&P 500 declined 2.51% for the week, which puts the index 2.51% below its interim high set last Friday. The top chart is a daily view of the S&P 500 since the 2009 low. Here Serge shows that the index has fallen to a recent support level, and it appears to be following a pattern similiar to one seen twice before during the recovery off the 2009 low. Both occasions were followed by declines — 7.1% in July 2009 and 8.1% in February 2010. See his annotations for additional details.

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)