Over the last week S&P500 has broken above both 1-year and quarterly downtrend borders, marked by the lower 1st standard deviations from the 1-year and quarterly years respectively
It already happened back in September, but this time the downtrends are most likely over - the price tagged the quarterly mean, thus cancelling the quarterly downtrend completely
The positive developments are supported by the related Dow Jones indices (Paper and Transportation - displayed as blue and orange lines on the chart)
So we can conclude that the much feared earnings seasons has actually improved the situation on the key benchmark and can lead to its compete recovery to summer highs.