ES Update

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Today is December Options Expiration…

VST trend line resistance continues to control the descent on a pullback from a 1266 touch of the IT trend line resistance at the top of the triangle.  Bears are fine under that line, but the most aggressive traders will start to cover once that trend line is breached.  As I type, the descending VST resistance is at 1225.

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Following are scaled daily charts showing the current big picture setup and one may wish to pay special attention to what started in April on the Commodities Index and the US Dollar…

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…my .02

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