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:

GOOG +45 now. This is even faster than I thought.

GOOG up +54. Pretty close to my 60. Maybe they have another push left in them, maybe not. I'd say I estimated it 'close enough'.

Okay, I see another push starting. I'll keep you posted.

GOOG up +63 in the premarket. Sometimes I amaze myself. I was as sure on this one as I've ever been on any read. Still, I find the move idiotic...

They're off!

Watch the SL here at 73.50.

This 1.000 ABCD here at the SL looks like it is going to fail. Note there are reports out at 6:55 and 7:00 AM.

70.25-71 is my next area, and that lines up with the recent GLOBEX low.

It's funny, all this beautiful selling, and all I can think about is when will the robot drones show up and gun it way up... Some day that will change, maybe (0.5% chance?) it has already, but for now, I've developed a reaction every time there is any selling, to get ready to grab fast while the grabbing's good, or it will disappear. Makes it hard to stay with a big move, if/when it finally starts. BTW, this is right back in here to a major price flow area on the higher timeframe, so if they can't come in and bounce it, there may be a sea change on the intermediate. Recall I've been, and have remained, short side bias on the intermediate term.

P.S. Did you see the multiple bounces right off the area mentioned above, before it finally, gloriously, gave out?

Okay, a big flat ABCD has formed here, right at a key TL and at the low end of that price flow I mentioned. This is it for the higher timeframe. That doesn't mean it couldn't stab below this area and go up, or form a DT ABCD lower and go up, this isn't the only chance for it, but it is the 'big' chance for the most bullish spot for them to come in. Otherwise, a bigger move down may be under way.

My thinking on this selling? The market is wondering, as some have mentioned (one guy even from Goldman Sucks, or are they better termed Government Sachs), perhaps QE2 may not happen, or may be quite small in scope. Uh-oh.

But, I suspect they will be coming in in here.

Okay, that was a nice trigger there. Is this the move up? We'll see. It may just be a small bounce and that's it. Maybe just another pullback in a downtrend. Just understand, it is bouncing from a super-super-key area here. This should tell me a lot about the intermediate-term.

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.