This is a very long term GoNoGo chart of the S&P500 . Using monthly data, we can see that very rarely does the monthly GoNoGo Trend indicator paint a neutral amber bar and then not seen an extended down turn. This seems especially unlikely after an extended bull market. Last month, the GoNoGo Trend colored the bar amber, indicating uncertainty in the "Go" trend we've been in for many years.
The chart in the end will tell us what is happening, but it will be interesting to see where S&Pprices are at the end of April and we'll revisit this chart.
This chart is using log scale as is often recommended for long term charts or charts with significant price change.