Below is a monthly chart of the S&P 500 index on a semi-log scale. The trend is clearly up with a rising moving average line under the index levels. A fibonacci extension from 2007 high to 2009 low gives a target at 3047 (2.618%) or 40 index points above the current level. I expect the index to at least pause there. Note how the index stopped right at the 1.618 extension level in 2015 before going higher in 2016.