Not much to add to what was already told here about the importance of the current area. One more think I noticed is that the recent high in $SPX was exactly on the upper ML of an important Schiff set based on Feb-Apr and Apr-Jul swings:





Friday's morning high could have been just a test of this line.
From how it all sets up we may assume that coming move in either direction should be strong and sustainable.

These are the sets and the area I'm watching right now:

Exactly, and if you focus on the backtest of the breakdown, you'll see it overlays that .382 nicely. So, if the bulls want to gun this, they have to overcome that backtest area. Notice the line intersection you have there around 78 (77.25?), that's my next area. Look to the left and see all that trading in that zone.

77.50. Wow, Jimadamus, you sure are something.

Now, I'm not saying this will turn it down, only that it is a serious area of concern, and may turn it down. I want to see what it does in here.

Originally posted by jimkane

77.50. Wow, Jimadamus, you sure are something.

I would vote but tank on empty today.

Well, thanks for the sentiment, at least.

Originally posted by EricD

Originally posted by jimkane

77.50. Wow, Jimadamus, you sure are something.

I would vote but tank on empty today.

Watch what it does with this little bullish 1-min DT ABCD, for clues, as to whether they plan to gun this up to the next level, or battle it out here at this key spot.

One thing I can say, I feel the bulls want to gun it up more than anything.

Originally posted by jimkane

Well, thanks for the sentiment, at least.

Originally posted by EricD

Originally posted by jimkane

77.50. Wow, Jimadamus, you sure are something.

I would vote but tank on empty today.

I spared some and voted it up

The curious thing is how often things go right to where I think they will, and as soon as they get there, a battle ensues. Very cool.

Okay, what a place to close it, once again right on my area. How often do they do that? I still think the odds favor the bulls, but it sure would be nice for these technicals to play out and the big areas to send this way down. I can dream, can't I? I may take tommorrow off from the forum, I need a break, since as you can see, I tend to post a lot. If so, I'll be back as soon as I feel 'rested'. I may just watch you guys, but when I do one of two things usually happens: no one posts and there is nothing to watch, or, I just get sucked in and post anyway.

I may make a few comments today, for example, if/when this blows out my area to the upside in after-cash or in GLOBEX...