My guess is that the Republicans will not do a deal on the Fiscal Cliff until the last hour approaches on the Debt Ceiling (assuming that the ceiling figure of $16.394T is reached before the end of this year)...they will hold that as leverage to try to get President Obama to back down on his resolve to let the tax cuts expire on the 2%'ers. If that's the case, I don't see Santa coming to the markets this year.
The ES Monthly timeframe still has a recent bearish "Death Cross" formation...plus negative divergence on the Stochastics which has crossed down. The selling this month could just be the start of more to come.
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