The BULL move since Sept 2011 is STILL intact and EVEN a fall to 7950 wouldn't change this much.
If it finds support at or above this level, a good chance of new ATH or at least a retest of the highs.
ALTernative : The market is in the process of correcting the advance from JUNE 2011 a 62% retrace would be around 7050
OR the market is correcting the advance from SEPTEMBER 2011 , a 62 % retrace would be 6400
Obviously the latter scenarios (IE bigger corrections) will not be straight line affairs, but would change market from BULL to med term bearish (or short term bearish to med term bearish)
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