We have option expiry today so likely to see some chop at 10:10 till 10:20ish as various contracts expire and roll over. Its also Friday so likely to be odd anyway! For today I am thinking a rise up to the 7395 resistance level that we have on the 2 hour chart and then a bit more down side. The bears will be keen to break the 7345 level initially though as we have support there, but the bigger test for them will be 7300. We have S1 here at 7303 and also just below a key fib level at 7312. As you know, 7300 held well on the last leg down so if they can break this level then 7247 looks likely, where we have the 200ema on the daily.
For the bulls, they will need to overcome the uncertainty in the US political world to drive this back up, which may well be possible and yesterdays "chaos" is another storm in a tea cup. Thats certainly been the pattern since Trump became President. The market has a wobble for a day then rises back. If the bulls were able to push above the 7430 area then we could well be on for a push higher again, with 7600 or more still looking possible.
So, watching 7312 for a support, though a break of 7300 (30min candle close below this level constitutes a break for me) will invalidate that support, and 7395 for resistance, with 7430 above that. We have effectively been in a range from 7300 and 7550 since June, so a break of that range is a big deal.
