ES, Bitcoin, MSTR Higher

Good Tuesday Morning, MPTraders!  December 2, 2025-- Pre-Market Update: 

-- Quantitative Tightening Officially Ended yesterday. As fellow member Blue alluded to in his late Monday post (18:37 time), the Fed's program of balance sheet reduction that began in June 2022, and which shrunk the Fed's portfolio by $2.4 trillion, has ended. The Fed's balance sheet still is roughly $6.57 trillion, but going forward, instead of allowing $5 billion/month of Treasury paper to expire, the Fed is redeploying the funds into short-dated Treasury bills, which reliquifies the monetary system. In a nutshell, the Fed is entering a less restrictive period of monetary policy plumbing, which has a dovish, bullish influence on the equity markets. However, the end of QT does not mean another period of QE similar to 2009-2011 policy has started... 

-- On the subject of the risk-on markets, after ES dodged a bullet yesterday-- avoiding a Bearish Engulfing Candle on the Daily Charts-- this AM we see the index is up 17 points and 0.3%. More importantly, from a technical perspective, ES is pushing up against its near-term resistance line (see my attached Hourly Chart) off of Sunday eve's weekly high at 6625 that cuts across the price axis in the vicinity of 6849 this AM. 

From a chart pattern perspective, all of the price action off Sun eve's high has carved out a high-level Coil Formation. As long as any forthcoming weakness is contained above or within 6802-6812, the integrity of the Coil will remain intact, and the dominant feature of the nearest-term technical setup, which argues for upside continuation that projects a climb to 6890-6900 next... Last is 6845.75... (continued below my ES chart)...

Bitcoin is inching higher this AM as well. I don't know if the "strength" should be attributed to the end of QT, but it certainly doesn't hurt or merely represents an oversold flinch at the moment. In any case, my attached 15 Minute Chart shows BTC is attempting to poke through my nearest term resistance line in the sand at 87,000, which if sustained, will argue for upside continuation to challenge 90,000-93,000 next. 

Conversely, an inability of BTC to hold above and extend higher from 87,000 will leave the price structure vulnerable to another loop down that should retest 83,800-- and possibly press closer to 75,000 before a meaningful corrective low is in place... Last is 87,485... (continued below BTC)...

MSTR (Strategy Inc.) is also inching higher in sympathy with BTC, but the stock needs to chew or spike through resistance lodged between 179.50 and 187.30 to gain more upside traction and confirm that a near-term low is in place at 155.61 (12/01/25). 

However, in the absence of a sustained climb above 187.30, MSTR will remain vulnerable to another loop down that retests and possibly violates 155.61... Last is 174.40...

-- Economic Data:

Earnings: