The Major Markets Index (XMI) has plunged back into its long-term uptrending Andrew's Pitchfork channel after a January breakout failed to hold, as shown on the monthly chart below.

It may be headed back to its next major support level and channel median around 2250. Its momentum indicator uptrend has been broken and is hinting of further weakness ahead on this timeframe. If it does hit 2250 and momentum drops below zero, it could decline further to the next major support level around 2150.

No doubt, further weakness on this index would drag US equities lower.