Based on the levels of support i'm seeing here and the short term channel, I see a strong case for 7820 in the next few hours (say 11 PM EST). After that, I'd say it's hard to know if this is a longer-term buying opportunity or if we will keep breaking support walls down to a retrace to 6600 or perhaps even 6000. In any event, I wouldn't be long for the next few hours.. looks like a good short opportunity to close at 7800, perhaps with a stop at 8450. With a RR of around 5, this seems healthy.
What do you all think ?>