Here is a 30 minute bar chart showing 24 hour e-mini trading. Last Thursday the market broke below its previous low at 1082.50 on the Dubai World default news. But it put in only one brief trading range below there (first blue oval). That downside breakout now looks like a false alarm to me because two subsequent trading ranges have formed completely above the 1082.50 level.
I conclude that the market is headed up from here. The 1130-40 range should be reached by mid-December.
PS I want to bring this to your attention!