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:

Watch 67.25 and 68.50 (or, essentially, that area). After that, it's 'full bull'.

Full bull ahead!!!

The DOW gets within 1 point of plus on the day!!!!!!!!!!!!!!!

Look at that liquidity jump in the ES! Must be GOOG earnings.

GOOG up +22 in the aftermarket. I think it will finish up at least +60.

Up +30.....

Up +35 now.

Up +38, and pulling back a little to prepare for the next leg. I'm not sure +60 will slow it down.

ES shouldn't have even the slightest problems with a new high for the entire move. We might even see a +30 day once they digest this.

GOOG +40 now.

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.