After a substantial sell off during the overnight session, prices appear to have bottomed for the moment and are now trending higher again. There is another large overhead gap on the chart, so if prices are attempting to fill that gap, that target is up at 7569.25. That would be my first target to the upside should prices continue pushing upward.
This could end up as a very large range day. If so, this range is wide enough to have large trends in either direction, so use trend rules between the support and resistance. Many times, the range will tighten and be smaller within the larger range, so watch for that possibility to occur sometime today as well if we continue to see mixed trading and a lot of sideways action.
For now, I am going to call this a large range with prices currently trending towards the high side. That could change at any point though, so stay flexible and follow the price action. If and when prices approach the overnight highs or lows, respect those price points until they prove they are no longer holding prices.
