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:

Just waiting patiently to see how it acts the next couple of days as long side bias has been the best view stated by Jim numerous times. Looking at the other markets like energies,metals,grains,softs, in my opinion they need to hit a little higher areas before a short term correction comes in.

Watch 77.50-78 like a hawk.

Kane Zone coupled with green set did its job and sent it higher:

If that goes (doesn't hold), 79.75 is my next area.

Originally posted by jimkane

... I am short side bias intraday in here...

It was good for already more than 5 points from the high. Quite a feat in this environment

Yes, and sometimes, just in case they hammer it, it can be worth a shot at it. But, I suspect, as I said, that was it, and new highs are coming. Watching 79.75 next.

My range on this area is 79-79.75, and it is really two nearly overlapping areas. I changed my original post from 79 to 79.75, but it should have been 79-79.75.

Point is, it better not roll here, or the bulls are in trouble, and with a few hundred trillion left in unmarked bills still left, they can't be in trouble...

That was some scary shakeout push up there, but having clearly defined areas and expecting a big shakeout can help. Unfortunately, this may just be a little break down and through and then a big snap up. Lots of games as the bulls keep defending it. Imagine this market if the bulls were deprived of endless free taxpayer money. It would be the biggest slaughter witnessed in the history of the world, in my opinion. But, that will never happen...

Originally posted by jimkane

...Going to 'let it breathe' and see what it does.

Finally this is becoming interesting. We will watch this ABCD next:

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.