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As shown on the chart, S&P 500 has been forming a series of higher highs and higher lows after moving out from the upper bound of downtrend Andrew's Pitchfork.
At this moment, we have yet to see a change in trend (i.e. a serise of lower highs and lower lows). While it is possible for S&P 500 to continue to form the series of higher highs and higher lows, look out for the possibility of a Bearish Shark Pattern or a Bullish 5-0 Pattern.
The chart is updated as of 27 July 2012.