The SPX stayed always above 1387-90 last week, thus we never got a short-term sell signal. The market even broke above the resistance at 1395 and, as mentioned last week, this should lead to a rally back to the highs at 1415-20.
So far, we only rallied to 1407 and thus are still about 10 handles below the yearly highs. But as long as we stay above 1390/95, it should be only a matter of time before the target is hit.
In the chart above you can see the series of higher lows and higher highs. As long as this pattern persists (no decline below 1355), the medium-term trend is up.
