This is a six month daily line chart showing SWED but the same could be said about SP500.

Here is SWED30.I daily since July 2011 until now. To the left that big top formation from which the index fell in August with a final bottom in October. Then the steep correction with a sharp drop which stopped before the bottom and the start of the longer uptrend from November until now. The horizontal line is current price. The falling MA is 200 and the rising is 50 days moving average. You can see that the next big resistance are the lows of the top formation at around 1053. It is a long way to go and the next few months will be very interesting to follow. SWED's chart is very much alike SP500 chart.