S&P 500 - USA long term trend chart

S&P 500 (USA) in quarterly period time frame (Log scale) shows very clearly that the index has entered the long term upward sloping channel which it had broken out of in the 90s and peaked out in 2000. The 2000 peak has not been crossed in the bull market which terminated in 2007. 2008 bought the index crashing within the channel and a bottom was formed at 666. From a quarterly perspective the index has to close above 1100 decisively to get a sustainable uptrend. In case of 666 being broken decisively, 450 is possible which is at the bottom of the long term channel.