The model portfolio holds a tracking position of one contract with a cost basis that has been lowered to 1047.60 by profit-taking on three contracts that were part of the original position. The futures were in an encouraging upswing in after-hours trading following two days of moderate weakness. However, they’ll need to close above the 1075.15 midpoint pivot (see inset) on Thursday to develop bullish thrust for the final week of the year. Most bullish of all would be a rally ahead of the three-day weekend that settles above the 1082.70 target of the minor ABC pattern shown.
