Also are the 3 major upside days that occurred during that range (based on upside and number of stocks advancing). Historically, after this has occurred the S&P 500 has moved higher by 13% over the next year.
The NYSE line has also pushed to new highs ahead of the S&P 500 . This shows that a wider stock base than the S&P 500 is moving higher. On almost every occasion when this has occurred (positive divergence) the S&P 500 has followed and made new highs.
A drop below 2822 indicates the market has entered a more ranging or period.
To really help confirm any rally that may develop, it would be nice to see the small caps participate more. Look at the IWM/SPY ratio char.t It started to move higher earlier this month, then pulled back. A renewed push higher would indicate a more speculative tone in the market, which is overall.