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'm watching around 80.75 next, and then 84.25 or so. I see no reason why it would stop at either area, though. We may see that +30 after all. We might have the April top by the end of this week or early next. That would give them time to get well above it by election day. Just some thoughts.

Curious how the immediate 1.272 stopped it dead.

For the time being, of course, as we all know they are spending taxpayer dollars today like drunken sailors on shore leave

Watch his 3-min 4PT here for clues. Will this one take it to a new HOD?

And the 4PT takes it to a new HOD. What a surprise.

Treasury budget in just over 5 minutes (who cares...), and that may be the next excuse to move the market a bit.

Jim - do you already consider our setup as decisively broken to the upside without in fact any reaction?

At this point I would have to say so. Looking at cash, it shows the same very decisive break through the area. Although there is the very slim possibility of a fake up and then it collapses, I think the odds of that are well less than one in a million. I think it wants the April highs real bad, and will have them soon. Then a push up from there into the election, then we see. The Fed announces QE2 the day after elections, so they better not disappoint. That's my read, anyway. It will be pretty cool if it plays out, as I started saying it back in August and everyone thought I was insane.

I'll paraphrase (maim?) a line from 'Searching for Bobby Fisher', which went like this: 'Get you pawns rollin' on the Queen side', and say: 'Get your trades rollin' on the ask side'.

What's really odd, and makes me wary of a big seller hitting this in here, is that treasuries have a bid in here, and it's odd to see them being bid up as the ES rises.

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.