Investors who follow the day-to-day moves of the market can easily lose perspective of long-term trends, so it's important to analyze multi-year price charts on a regular basis. Below is a four-year chart of the S&P 500, which includes the nasty bear market that occurred from 10/9/07 through 3/9/09 as well as the bull market bounce we've seen since 3/9/09. While the market's action has been anything but positive over the last six weeks, the S&P 500 remains inside its multi-year uptrend channel, and the recent decline hasn't done much to dent that trajectory. There are some key technical support levels coming up, however, especially between 1,230 and 1,250, but even if these levels are broken, the market would still not be in official correction territory (a 10% decline from a bull market high). While the bears have led the way since the start of May, they have a long way to go before putting an end to this bull market.
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