For today, similar to yesterday's missive, I am expecting a 'V' shaped dip and rise day. 7450 looks fairly key for today and the bulls will be keen to defend that level as a break of that opens up a trip to 7415 and possibly lower. The bulls will be keen to get the price back above the 7500 level, but a break of 7450 is worth shorting to target the lower prices.
There is a chance that the bears take full control and we are on a leg down towards 7300, however, with the decent recovery in the S&P from the 2566 low, there are still buyers around.
Why 7450? Well we have the daily coral here, as well as the bottom of the 10day Raff channel, and also the 20 day Bianca at 7457.
Could be an interesting Friday - always pays to be a bit more cautious on Fridays - so watching things closely for signs that yesterdays drop was a bit of a fake out. We are still in a bullish trend after all, but as they say, the trend is your friend till it ends. Has it ended? Probably not.