Attempt At Downside Break

Good Tuesday Morning, MPTraders!  December 16, 2025-- Pre-Market Update:  Economic data and the reaction of the markets...

Below is the data list... This AM's focus will be on the Non-Farm Payrolls figure for November, which The Street expects to come in at +50,000... 

As for the market, in overnight trading, the pajama traders attempted to break ES to the downside, pressing the index to a low of 6832.75, which we see on my attached Big Picture Daily Chart, sliced beneath the 20 x 50 DMA support plateau in the vicinity of 6850. 

However, at around 3 AM ET, buyers came in, pushing ES up to 6870/80 as we speak, just ahead of the upcoming Economic Data.

To regain upside traction, ES needs to climb and sustain above 6900 (see my attached Hourly Chart). In the absence of 6900, I cannot rule out another loop down that revisits the overnight low-zone from 6846 to 6833, which must contain the weakness to avert selling related to the violation of both the 20 and 50 DMAs (6850)... 

Bottom Line:  Either a sustained climb above 6900 or a successful retest of the 6830/50 area followed by a rally that exhibits bullish form and/or climbs above 6900 will indicated that the correction from last Thursday's high at 6988.50 to this AM's low at 6832.75 (-2.2%) is exhausted-- and that perhaps bullish 2H December seasonal strength is kicking in... Last in ES is 6873.00...