I have chosen to show and follow the SP500 from now until close in this regard.
This is the daily chart now since March 2012. You see how the current price is very close to move higher from 1.437. You also see the blue rising 8 day MA above the 21 MA. The technical big pictures are in a strong uptrend but if you look at the daily bar chart below - one bar is one day - you see that there has been four days sideways trading before today. This hesitation to go higher comes from the strong first resistance point on the weekly chart above.