The intensity dependence of pump-induced excitonic absorption changes is st
udied in high-quality In0.04Ga0.96As quantum wells for different detunings
and polarization configurations. For resonant excitation with increasing pu
mp intensity a saturation of both the exciton bleaching and the induced abs
orption due to two-exciton resonances is observed, whereas for pumping belo
w the exciton a characteristic polarization dependence of higher-order cont
ributions to the optical Stark effect is found. Microscopic calculations in
cluding Coulomb correlations show that the experimental observations can be
described by the coherent dynamics of single- and two-exciton resonances u
p to fifth order in the optical field.