There’s a battle shaping up at ES 6580, where the 200-day moving average is about to catch up to horizontal support at the previous lows. If it doesn’t hold, the next major support is another 210 points lower.

Much will depend on whether or not AMZN can hold 200. If not, the next highest levels of support are way down at 175 and 147.

As always, VX deserves close scrutiny. Its recent breakout above the trendline from last April and its SMA200 is highly significant. Bulls need it to fail.

Note that in a V-shaped recovery, the DJIA has to contend with our target at the 1.618 Fib extension at 50,303.