This is my monthly update of the S&P 500 intermediate term, weekly bars.  See my post of February 7th.

The strong action of the past few weeks has broken above close-in resistance (dotted red curve), and now makes it clear that we are still in the uptrend that started last March.  The low of early February is a much more significant one than the early November low, and the Feb. low looks very much like the low of last July.  Therefore, it makes sense to launch S3 from this Feb. low.

Looking ahead, the big test will be whether it breaks above the level of the primary R1 curve from the monthly bars chart.  If it resists and turns down from there, that likely would be the end of this long uptrend since it has already resisted there before.  But, if it breaks above that level, then it’d be very likely that price would move much higher, probably extending to a four-fold hierarchy of support curves.

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