Last Friday’s $30 surge looked like the beginning of an even bigger rally. So why have the futures been stalled for the last three days? Maybe because they need time to consolidate for a follow-through worthy of the name. But we should still judge them only by what we see, not what we are hoping for. In that regard, we’ve got a perfectly serviceable abc pattern to tell us whether bulls have the moxie to push significantly higher over the near term. If so, we should see them push decisively past the 1085.30 midpoint Hidden Pivot that precisely contained yesterday’s abortive rally attempt. That could set up a potential ‘mechanical’ buying opportunity on a pullback to p. (Note: a 1078.50 stop-loss would obtain.) Most bullish of all would be an explosive move that blows past D=1105.60 by week’s end. _______ UPDATE (December 10, 5:13 p.m.): The day’s constipation was much less than we’d hoped for, but it did nothing to alter the promise of the pattern shown in the chart. However, if buyers can’t end the week on an upbeat note, it’s going to be more difficult for them to get this sludgepot moving higher come Sunday evening.
