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 this 1-min EXP ABCD here. Note, too, the extra time this has taken has brought the lines down lower. Note what it does right after if this EXP plays out, and note if it doesn't play out. Perhaps new highs are coming (my best overhead area is around 90), who knows. I'm just looking for clues for the intermediate-term, while I stay long side bias intraday.

Okay, EXP plays out fully, and it is deep into the area now. Now we see. It sure looks strong. Maybe I get 90 out of my intraday long side bias?

It is looking strong. I guess I may be staying with that long side bias, maybe for the rest of today. Nothing wrong with that, I'm just hoping we can get some intermediate-term downside action to play with at some point, and perhaps that is a futile hope.

Hmmm, market is selling off from 73.50. That's odd. I wonder why it would be doing that? And yes, the Kane Zone is coming up, so it may turn and launch towards 90 any second. Until then, you know I've been waiting on this 73 area for some time now...

Watch this 69 area very closely.

Does this Kane Zone failure change your intraday bias?

And no one should ever think I'm being cocky or arrogant by the way I monologue the action. I'm always trying to make points, that's all. It's never about me thinking I'm great or know a lot. It's about trying to help teach a skill, and part of my method for doing that is to drill home points about how to read the games, using technical factors. You can't make points if you don't have people's attention, I always say.

Look back at my comment here:

"Hmmm, market is selling off from 73.50. That's odd. I wonder why it would be doing that? And yes, the Kane Zone is coming up, so it may turn and launch towards 90 any second. Until then, you know I've been waiting on this 73 area for some time now..."

My intraday bias changed to short side off that. That's why I put so many smily faces on my 90 comment. Point is, 90 is what the bulls want, I feel, but there may be a sea change, I'm not sure at this point. So, the strong move right to my area with a final EXP and done, and I'm ready to play off my area. The Kane Zone then gives me an area to use for management if they are still strongly bullish. Now it's deep enough for a 'W2' or CD leg, so I am very cautious in here, ready for that to perhaps be it. But, I'll see and react accordingly.

Originally posted by jarek

Does this Kane Zone failure change your intraday bias?

Click image for original size

Perhaps some explanation is in order, especially for my readers where English is not their first language. Sometimes I make points by being a little sarcastic. I felt a possible sea change had happened. Maybe this key area might not hold up. I know the bulls want 90, the technicals we have been using day in and day out point that out. But I think things may be changing. May be, not for sure are. I can only play odds. So, I talked and talked about that 73 area. They went right to it, and collapsed. Look at what crude just did on a tick chart. Look at the DX index and you'll see why. I'm trying to talk like a mindless bull there, to get people to see how 'mindless' it sounds, and with the other things I've said, you can see what my plan is.

Look, I am not just going to do a running commentary on exactly where I stand every second. My goal is to teach one to use the principles, and to learn to think independently. This is how I teach. It's my style. To learn from me, one has to adjust and try to understand why I present things the way I do. I apologize for how difficult this may be for my overseas readers, who may not get the subtle nuances. But hang in there, and look for the lessons I am showing, not just the specific technicals all the time. I hope this helps...

Originally posted by jimkane

It is looking strong. I guess I may be staying with that long side bias, maybe for the rest of today. Nothing wrong with that, I'm just hoping we can get some intermediate-term downside action to play with at some point, and perhaps that is a futile hope.

.685 stopped it dead.

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.