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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 and Dow Jones World index in a series of charts. Serge comments:
This week the S&P 500 broke 3 resistances (the sideways trading range and its 2 EMAs). However, this move was accompanied by 19% below-average volume, despite a quadruple witching and while the ROC momentum indicator is at a resistance (2). The index remains far below a downtrend resistance dating back to 2007 (1).
The pattern is similar for the Dow Jones World Stock Index except that it only broke 2 resistances and its EMA10 remains below its EMA40.
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