First, If you look on a weekly chart, you can see that the body of last weeks candle closed ABOVE the .618 fib level, roughly 7250, and even tested it and confirmed it support hence the candle you see today (That is if we close today's candle with one) A lot off selling pressure is coming in so time will tell!
So next up will be the 8500 .5 fib level and coinciding with also a test of the 200 day MA might not be just coincidence ? ;)
Lastly the DI shows momentum increasing in favor of the bulls. We might get a cross in the next few days.
Just my thoughts ! Happy trades everyone!