It is the turning point of the battle of the bulge. As we stand right now I think we are looking at what will eventually turn into a massive US victory. The US only has about half of its total troops on the board and seems to have successfully obtained containment on their breakout.
Bastogne held by virtue of the German player's attention being elsewhere. Just long enough for the 4th armor to arrive and the 101st Airborne to come back and provide support.
In the center, just East of Manhay was where the greatest threat was felt. Two turns ago the SS panzers had exploded out 20 miles past the US line. Over the next two days the Germans would get caught up with fighting the troops of the 82nd Airborne and defending a city that wasn't really worth it. As a result the US forces were able to come to support the Airborne troops who were slowing the panzers down. And here we have an effectively sealed gap.
To the north US forces have held the majority of the German army at the river and are well equipped to continue holding until the rest of the pocket starts to collapse.
Here to the east we can see that the Germans do have some more men working their way west but it will be a case of too little too late.
Because on the far west even the British are starting to get into the action and more men are rushing east to reinforce the center gap which you can just see in the top right of the photo.