For many reasons I currently believe that the near-term direction of the stock market is "up."
The below chart shows what may be a large C&H (Cup & Handle) chart pattern, denoted by the bright green line at the 1220-level. While the price action may not exactly satisfy the requirements for a classic C&H pattern, the behavior seems to. As such, I view it as an important consideration, one that would seem to support further strong price appreciation, at least in the short-term:
Disclosure: no positions in the S&P500