With only brief intraday attempts to rally through this metric, the trading range is tight.
The longer term uptrend remains intact, with the price action staying within the bullish channel in place since June 2012 lows, well supported by the 200-day moving average.
As it stands, the index is making repeated forays through the 7900, dipping to 7882 in early trade. Given that the 200-hour moving average is ultimately holding as a weak support, along with the short-term corrective channel that has been in place since 24 June, a concerted break below this will open the way for a test of 7850. 7800 lies below that.
A breach of the lows seen last week at 7650 would argue that we are not merely witnessing a correction in the overall one-year trend.