By climbing out of a hole yesterday, the futures left themselves poised for a follow-through to as high as 1384.90 by week’s end or early next. This target will become an odds-on bet once the December contract has exceeded the 1345.20 ‘midpoint pivot’ with which the higher number is associated. These benchmarks come from intraday charts, but the weekly bars show promise as well, since a 1453.70 target would be in play on a two-day close above 1372.60. Traders looking to get long Wednesday night should use a pullback from just above 1340.50 (an ‘external’ peak from last Thursday) for leverage.
