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:

I think that 67.00 was the D point of a 'W2' ABCD, and this is going to head up for the remainder of the day. That's not a sarcastic remark. Maybe not, maybe it stays in this chop range, or goes lower. But I still think the odds favor a move up, and if it clears this range it would catch a lot of stops and be free to run. And that D point was off a very key line for me, to the tick. We'll see. It sure is one heck of a coil, coming in to OpEx on the end of a Friday, which is usually highly bullish biased. I'm excited just to be able to see what is going to happen.

If this can get going, 77 area and that 1.000 ABCD is my next area to watch.

It just keeps riding the range. Very curious. Back to that line that sent it up. If it fails, it may challenge that low. I'm seeing more and more support for that sea change concept.

Right back to that line (which is also an obvious TL now), to the tick, and up it goes. But, will it do anything beyond get back to the range top? Does anyone care at this point? Do I? No, not really, I'm just hanging around to see what it does.

Pushing up hard on that range top. Sure looks like they will burst it up and over. What a finish that will be to the week. Any second now...

You know, I'm glad I stuck to the long side bias off that key line on this. It did exactly what I suspected, as per its usual habits. I wish I would have spelled it out, as it followed the script to a 'T'. It bucked up against that range top, and then cash closed, with it under the range top. Once free of that, they bursted it up and over with vigor. It's a game they like to play. Where is it now? 75.50. The .886 ABCD is at 75.75, the 1.000 at 77.00. And it has five more minutes. Nice prep for a gap up on Sunday night. What a shocker. Same old, same old from these mindless drones. I don't care, a buck is a buck, but it's just so pathetic, watching a totally controlled, robot driven completely unfree-trading market.

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.