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 don't like labeling ABCD's that aren't part of an obvious trend move, but it is possible that this ABCD is the CD leg of a DT ABCD.

Cool, they dumped it a bit. It sure looks like a typical broad, rounding top, just like most of the recent reversals, both tops and bottoms, as I've mentioned recently. But, alas, I'm not getting my hopes up for my intermediate-term bias, and those fantastic areas as highlighted by jarek's charts. They love to do these mini little moves to suck suckers in and ruthlessly grind them into dogmeat. This way, once everyone finally can't take it anymore they are free to do the actual move. It's a game as old as the hills, played to perfection with today's total machine dominance.

Dropped it right to my line area, and they came right back in. Will wonders never cease...

And they're off!

Okay, nice selling, now will it do a repeat of yesterday and rocket right back up to where it started? Will the market go full retard again?

And, as expected, the market makes it back up to where the selling started. Full retard. Pretty tough to figure that one out...

Watch this 56 very carefully, though.

56 pulled it back to the Kane Zone, now up and over. Watch the TL backtest (with other things) at 57 next, then we see.

Careful in here.

Threw a nice little ABCD variation there, and finally took out that key TL, which led to the explosive move to the upside. Talk about 'full retard'. Same as yesterday. Any selling is met with huge taxpayer dollars, and up it goes. I suspect this will take out that GLOBEX HOD and keep on moving up. Only three more weeks to the election, this should just keep on rising, I think. The interesting thing is, will it keep rising after the election?

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.