The S&P 500 SPDR (SPY) appears to be putting in another higher low that could signal the resumption of the long-term uptrend. First and foremost the long-term trend is up because SPY recorded a 52-week high less than three weeks ago. In addition, the charts shows a clear progression of rising peaks and rising troughs. Under this assumption, declines are viewed as corrections within the long-term uptrend. A reversal of this decline would end the correction and argue for a move to new highs.