Following last week's massive sell-off in the equities futures markets, they are mounting a strong rally today.  How much upside is there for these markets?

The December E-mini S&P 500 held a .618 retracement of the September to October price range.  The low of the range is 986.50.  The high is 1098.50.  This range created a retracement zone at 1042.50 to 1029.25.  Last week's low held at 1029.50. 

The new short-term range that is develping is 1098.50 to 1029.50.  This creates an upside target of 1064.00 to 1072.00.  Downtrending Gann angle resistance comes in at 1066.50 today.  If a bearish trend is truly developing, then look for the market to fail in this area.

The main range in the December E-mini Dow is 9360 to 10068.  This created a downside target of 9714 to 9630 which was tested and held on Friday. 

The subsequent rally has created a short-term range of 10068 to 9632.  The new upside target is a retracement zone at 9850 to 9901.

The December E-mini NASDAQ is trading inside of a main range of 1582.75 to 1779.25.  This range created a retracement zone at 1681.00 to 1657.75.  

This morning's action tested 1657.75 and the main bottom at 1652.75 and held at 1655.50.  The strong upside momentum created by the current turnaround suggests a possible retracement to 1717.25 to 1732.00 over the short-run.