The Nasdaq 100 E-mini futures are approaching support with the bullish divergences still intact for now despite today's selloff. Should NQ break that support with conviction, the divergences & potential for a rally this week will be greatly diminished with a run at the Feb & early April lows likely. I still favor the former (orange) but the odds have increased for the latter scenario (red) with today's failure to hold above the 6648 level.
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The S&P 500 E-mini futures are also approaching support with potential divergences still intact on the indicators but pending confirmation via a bullish crossover on the PPO which would coincide with a bounce off this support zone. Key support levels coming up & again, the fact that the market couldn't follow through to yesterday's brief break & recovery back above those support levels that gave way again shortly after the close today certainly dampens the near-term case for a rally but the market will need to hold these support levels or the case for a near-term rally will begin to rapidly erode.