Here is the $SPX equivalent of our longer term bearish setup in ES:





The importance of the current market position is even more visible here, because Friday's high was exactly at the upper ML of the downsloping set at what looks as a possible 3D at the spike line.
If this breaks to the upside than we should witness an acceleration of the upward move, since there is nothing but air above:

Commodities suggest that bears are facing an extremely difficult task in this environment.

Gold is breaking one line after another and excedeed 1.618 retracement of the recent ABCD suggesting a W3 type of move:





Copper broke through my last spot like it was not there and never looked back:





The current situation in Crude could probably be best represented by the following long term chart:





A clear test and retest of the upsloping lower ML suggests that the rising ML should now be the target and that would mean new all time high in crude...

Great work, jarek. I wonder if crude isn't headed for the upper // myself, which is well over 200. That's what I suspect. But it may be incremental, with those obvious lines above potentially producing reactions. It is clear the commodities are ready for a big run, based on the charts. They all look extemely bullish to me. If so, that means the dollar is going to get hammered, and mega-inflation is on the way. Good for Bern-quacke, he'll get his wish.

He'll 'help' the economy by tripling gasoline at the pump for us (or perhaps a lot more), a rural country with lots of poor to lower middle-class working people way out in the country, where they have to drive a lot. But, as long as the price of houses goes up (because the currency is devalued), things work on the books for the banks.

Just like I said with stocks, the value of your house may actually be down (you can buy less with the $2 million your house would be 'worth' than the $200K it is currently 'worth', as far as goods and services), but you feel 'richer', and the banks are all set (too bad for any savings you hold in cash, though). And that's all this nut case is trying to accomplish, to help out the banks so they can pay even bigger bonuses while the country burns.

BTW, put a modified Schiff set on that ABCD on the $SPX chart, and let's see how that looks.

Here is the $SPX chart with Schiff set added:

Hmmm, Sunday night and the futures are... 'Up'. Dollar? Down at a new low for the move. Gold? 'Up'. Trying to make that drop back ASAP (and I was hoping for a drop of 100-120...). Corn? Another limit up open. In other words, things are back to 'normal', and, as Voltaire's Candide said: "Everything is as it should be, in this, the best of all possible worlds." Yeah, right...

Checking in early today. Seeing if I can stay disciplined and not post too much during the busier early part of the session...

They're off!

BTW, despite the awesome higher timeframe setups for the short side, until that triggers in some way I'm still very strongly long side biased intraday. I think, unfortunately, today may 'blow out' all the magnificent areas to the upside...

I could throw in a 'let's hope not', but with all the shorting that has been going on in this area, I can't imagine they don't get squeezed when we have simply no news to compel this to go down in here.

I know it's early, but that's a very curious reaction to the TL across the two highs there. Maybe all is not lost for the bears.

Okay, my long side bias looks about ready to pay off, and all hope appears about to be lost for the bears. We'll see.

And there's the close, 75.50 was the high. I'd still say that's close enough, it finished a lot closer to my area than any other place it could have finished. And followed the lines almost like a script. Oh, and BTW, that was a positive close for the ES.