While prices are rallying higher as I am typing this up, this feels more like a range type day. It is possible prices have found a bottom, but until that is proven out on the chart, I am going to say this will likely end as a range day. There is a large overhead gap on the chart, so prices are likely trying to push higher and fill that gap. If successful, how prices react from those highs will tell us more. That target to the upside to fill the gap is up at 7540.75.
Again, prices may or may not be able to fill the gap, but for now, that would be my first target to the upside if prices continue to push higher. We may see a lot of choppy sideways action along the way. No matter how the day plays out, watch for mixed trading at times. For now, the trend and bias are up, although that could be playing out as I am typing.
Just follow the price action and let it show you where it wants to go. Be careful getting long into the highs but stay with the uptrend until it is obvious it has ended.

