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Here's the latest weekend update 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, Apr 24, Apr 30, and May 7.
Despite the sharp Friday selloff, the S&P 500 actually rose 2.23% for the week, which puts the index 6.70% below its interim high set April 23rd, when the index was up 9.16% for the year. The year-to-date performance is now 1.85%. The chart is a weekly view of the S&P 500. Here Serge shows that the index the two momentum indicators he's been tracking appear to be bouncing off their supports. See his annotations for additional details.
Click the chart for a close-up view and Serge's annotations.
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