Today's S&P 500 close moved us further above the support level that technical analyst Serge Perreault discussed in this item posted over the weekend. Volume, however, remains weaker than last week's selloff. Check out this chart to see what I mean.

An email just in from Serge points out that "The biggest test remains the 50 day moving average. Indeed, if you notice, on my week-end graph, the 10MA is at the same level as the 'Downtrend Resistance' dating back to 2007."

Note: The chart linked from the thumbnail above is a live chart, so the little version won't match after the next market open. Perhaps that will be a good thing.