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:

So, 69 was it. Within two ticks. Not bad.

Originally posted by jimkane

68.50. Here's my surprised look. In case you can't see it, it looks identical to my normal expression.

Very curious, huh? It hits 74.75, and starts to sell on the open? AAPL over 300, AMZN gets an upgrade, JPM beats estimates, we have a 'golden cross' (8 out of 8 signals, average return 24%, cumulative return 191%), the bulls increased again this week in the sentiment readings. We should be up +30, right???

Okay, that's much better, there's the new high for the move.

We might be entering a temporary blow-off move, into the elections. I think they want this over the April high, decisively, by the elections, so they can say 'Look, the market is at a high from the Mar '09 lows. What do you want from us, more than that? Look how great what we are doing is working. The market is at a new high!'.

That's my read. But, they still have to overcome all those bulls, and the Euro ABCD, the S&P ABCD, and so on. They likely can do that with the ease of spending a few hundred trillion in free money, but I'm still wary of any small event shock sell-off. I'd think it would be very temporary, but it could be very deep, too.

Gold hits another new all-time record, a dime short of 1370...

Ho-hum. Gold 1375.70, crude back on the move, ES breaks out to 78.25 so far, up 13.75 on the day, and looking to head a lot higher. That April high is all but gone in my book. I think we are entering a rapid expansion phase here in commodities and equities. We'll see.

Although by law the markets can only go up, I'm being very cautious at that 78.25 high. Selling, even a little profit taking, seems just unfathomable, but if anything were to happen, this area is an area of concern. Just some thoughts.

.300, key line, etc. here at 75.50. Expect a possible rocket launch up from here. What they can do with it tells me a lot.

Very weak initial response, but they want to gun it sooooo bad, I think they will eventually get it. If any real sellers were around I think they'd have hit that HOD hard. I'm ready for the next leg up in my never-ending upside bias.

That was fast. And there it is, the new HOD and high for the entire move.

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.