The S&P 500’s modest 0.4 percent mid-day gain on Tuesday may not seem like anything special on the surface, but a look at the index’s chart shows why it may be part of the biggest move the market has made in months.

After Monday’s close represented a higher close than the market’s April peak, Tuesday’s follow-up now has the S&P 500 trading higher than even its November peak and reaching heights not seen in nearly a year.

This new potential breakout comes as particularly good news to market technicians that had feared that the pullbacks in January and February, which dipped below the troughs in August and September, were signs that the S&P 500 had transitioned into a bear market.

Assuming that Tuesday’s move survives to the close, bulls will have yet another piece of evidence that the seven-year-old bull market is not dead just yet.

In fact, in the near term, the breakout could even potentially trigger…

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