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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.
The way the silver rally has extended, it sure feels like it will never come down again, especially as many are now suggesting targets of $200 in the near term for silver. But, needless to say, the wave structure is rather full – and then some – for this segment of the rally. And, I still am expecting one more pullback before the final phase of this rally likely takes hold.
Today we saw the market continue to work lower, putting Santa’s Rally on hold for now. The price action to the downside remains quite sloppy and increasingly overlapping, which suggests this decline may be unfolding as an ending diagonal, potentially forming the second leg of what is still a corrective move lower. The key question is whether this correction can complete in time for Santa to arrive and push the market higher ahead of the holiday next week.As shown on the ES chart, I am having difficulty identifying a full and complete pattern into today’s low.
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