As European financial seas become calmer, Big Money will run indices higher via their futures starting tonight and very likely into the close tomorrow. Big Money's goals are: (1) force short and intermediate term bears to cover shorts, and (2) force sidelined fund managers to come in and open new long equity positions or at least buy index future contracts. No money manager wants to stay put in cash while indices go substantially higher.
The combination of 1 and 2 above, could result in a huge run in indices in the next couple of weeks. My expectation is that SPX very likely would be trading around 1330 just before thanksgiving (see chart).