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:

Nice Double Top. Nice Five-Wave Swing Up with a 3 D to Trader's Dream /Kane Fib-Pattern-Line SELL with 3-10 SMA Oscillator Divergence.

Kane Trading Rocks!

Al KAmego

Oops, I meant the GLOBEX high for the immediate premarket at 59.50, and it didn't take it long to take it out, wow. That was fast. But I think they will shoot for the highest GLOBEX high, at 63, next.

Everyone noticed that the LOD was the GLOBEX LOD to the tick, right? Same old games.

This 60 area here is making me nervous, it isn't acting quite right.

It is back to a key line, and this could be a flat ABCD that just ran the stops. Just a thought. I can't see downside, though...

Okay, here they come. Staying long side bias, likely for the day.

Notice that little ABCD and last push to a new RTH HOD. This still may not be out of the woods. I'm very wary in here. The sellers could reappear. Seems crazy, but you never know.

They want that 65 high so bad they can't stand it, in my opinion. Although this is a tough area here, I just don't see how the sellers can deny them, after that crushing run up there. We'll see. Personally, I really prefer balanced, free markets. Too bad I'm unlikely to see one again for the rest of my trading career (that's a serious comment, not a famous Jim sarcasm...).

Next leg coming now?

Hmmm, a push up off that corrective area, and another fade back. This is not strong.

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.