For today we may well see the weakness from the US and Asia filter through to us as well. There is resistance on the 2 hour chart at the 7440 level now and we may well see an initial climb to there as the 7400 holds. If the bears break 7393 then I am expecting a test of 7375 and maybe lower - 7340 is a possibility where we have S3 for today.
If the bulls were to break the 7440 level then I am watching 7475 as the next key resistance area, with the 7515 previous high above that. I am not sure that the bulls will be strong enough to reach for 7550 today - yesterdays weakness scuppered their chances of that test today I think but never say never!
The ASX 200 had a weak session - dropping down to S3 and then bumbling along there.
To start the day we do have a positive RSI divergence on the 30min, and coupled with the bottom of the Bianca channels at this level then an initial bounce looks likely, but probably short lived. Shorting the rallies feels a safer play today but do exercise some caution as Fridays are often strange!
