The overnight S&P March E-Mini Futures (ESH10) is currently up 0.30% and trying to regain a channel from September (black lines). The contract is trading below its 50 and 100 day moving average in a steep downtrend from January 19. So if there is a relief rally (or continuation) watch how it reacts to the 100 day moving average (orange) which currently stands at 1,082. The March future hasn't been below that level since the March 2009 lows. If the market gets punished again here, 1022, 1000 and 933 (June, 2009 highs) look like support levels imho. Chart courtesy of OptionsXpress.