The most recent sell-off has pushed us to levels not seen since late november. Volume picked up dramatically matched only by the sell-off on 22nd december. Support in this area include the 200dma (roughly at $7850), the .618 fib retrace off entire range & the 20 RSI. If we're holding onto the idea of an elliott wave sequence starting on september last year, we've now reached the top of wave 1. C has extended 200% off A->B.
Daily look : Look at impulse off potential bottom :
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Since release of cboe futures, worth keeping an eye on the VIX and it's correlation