When the decline began at the open I projected a target extension from the prior low to high swing as shown on this 45 minute chart:
Price came down to 7840, very close to this extension, during the focus of our Fibonacci Time ratios for a low based on the number of bars in prior declines throughout the rally.
Now the key level to watch if this can continue to rally during the afternoon session will be 7995. This is an overlap of price resistance levels based on 2 different types of Fibonacci price analysis. If this can break, the initial target from this swing is 8088. Reaching that target will break the remaining daily resistance I wrote about this morning. So if the market isn't ready to commit to substantially more upside, we'll see trouble with the rally sustaining up to and past that 7995 level. Also, the 50 period CCI on the 45 minute chart dipped below +100, so we need to see that break back above to verify that momentum is still in favor of continued long side.