We need to find a new range unless we close above 7400

We broke out of the old range once we closed below 7400. I think that we need to find a bottom for a new range to test before the next phase of price action can occur. There is an untested level around 5800 that if tested could form the new range of price action until it breaks out higher or lower. Hopefully we can close above 7400 to get back into the old range, but so far it hasn't looked promising.