Incredibly enough, last week's gain was the biggest weekly gain of the year. The S&P 500 (SPX) (SPY) gained 3.22% last week, and though it was mostly just fortunate timing that allowed for the big week-to-week move, the momentum is impressive nonetheless.
The question is, can it last? Answer: Maybe. The rally knocked over some fairly important resistance levels, though a few more remain. Also, the advent of Q3's earnings season could either work for the market or against it.