The December E-mini S&P 500 failed to draw fresh sellers into the market after making a new low for the day.  Regaining the old bottom and the .618 retracement level at 1047.00 could be a sign that selling is drying up at current levels.

Watch for the start of a possible short-covering rally.  The intraday chart indicates that a break out to the upside is possible over 1052.00.  Looking at the current range from the top, oversold conditions could trigger a short-covering rally all the way back to 1070.00 over the near-term.