Here's the latest weekend update from Serge Perreault, a Chartered Accountant and market technician located near Montreal, Canada. Serge has been following the U.S. market in a series of weekly charts I post each Friday. Today he sent me a monthly chart of the S&P 500 with a comment about the current pattern.

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Even though the S&P 500 is in an uptrend formation at the moment, it should be remembered that the 2003-2004 uptrend turned into a 14-month sideways trading range. It should be noticed too that momentum is now mixed — ROC9 is flat while ROC24 is approaching an important resistance.