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:

And the bounce was right to a .447 off the high, to the tick.

Potential 'W2' ABCD into the Game Zone here.

Watching 67.75 area next.

That is, if this 2-tick new low doesn't trigger the robots to go psycho, which I'm thinking it will.

Which it did. Based on history, I'd say it may go straight up now 10-15 points???

Just an opinion, but the 'chop' we are seeing here, the endless reversals one after another, is because we have a market that needs to go down, and knows going down is the only sensible thing, but one that nonetheless wants nothing more than to go up, which I think ultimately it will. But every force on earth except free taxpayer dollars is telling it 'down'. Again, just my opinion.

I'm 'guessing' this will be the sustained move, and it is 'up'. Let's see. Just a guess.

Here are some levels I am watching. 76.50, 78.50, and 82. 78.50 is the most important. But this is acting weak here, so the oscillating chop may not be over. It may even be a bearish TD here.

Yep - I'm watching this bearish TD on my charts:

Since that low was so nominal, it may act like a flat, or an EXP that barely expands. Something in here. It is a very dangerous area for the bulls if they can't burst it up and over, and soon. Very odd action today.

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.