Weekly chart illustrates a bearish megaphone top. Is the S&P now beginning a run toward a test of the upper trend line, around 1800? So long as the recent steep up trend line on the daily chart is unbroken, there's a good chance that a final blow-off move has begun.
Why final? Monthly chart supports the case that 1800 is likely in a key resistance zone. 1800 lies just beyond the illustrated resistance line at 1785, which is the level that the S&P would beat the 2007 high by the same percentage as it beat the 2002 low at the 2009 low. Until 1785-1800 or so is beaten, I am of the view that the S&P remains in a giant trading range, and will eventually be drawn back down toward the 2002 and 2009 lows.