ES1!6674.75 tagged the support around 6630 that I noted in yesterday's opening comment and stayed below our 6675 resistance. The index briefly took out 6675 in the premarket on PCE, but the breakout was marginal and could fail early. Over the past few days the tape has felt heavy—declining under its own weight—yet dip buyers still appear at intraday supports. In a more bullish backdrop, we'd expect a sharp multiday liquidity break, then a persistent grind higher. Instead, this looks like a steady, orderly selloff that accelerates into year-end. I think it could last into late December, nearly three months of correction, potentially to ES= 6200 ±50 or 5950 ±50. During this period, rallies will likely be sold at key levels; today could be one of those days, as ES already faded back toward 6675 (yesterday's resistance, now support). On the other hand, for the bulls to prevail, ES must reclaim 6700.

ES resistance levels: 6683-6685,6696-6698,6708-6710
ES support levels: 6667-6670,6645-6650,6630-6635

I'm expecting ES to fail and test 6645 in the morning. If it holds, a bounce toward ~6675 is likely. If not, look for the low-6630s and potentially 6600. Today could chop if yesterday's heavy sell volume leads to digestion—but for that, 6645 must hold on a morning test.