As of 10:40 Monday evening, the futures are predicting a rocky session for Tuesday.
Bloomberg shows the Dow futures at 7677 and the S&P futures at 806.9
The Dow is lower than the 7693 intraday low of last Thursday - the only time the Dow has been lower this go-round was during the November 20-21 lows (7449). Like a moth to a flame, I don't see the Dow as being able to avoid testing that bottom.
The S&P is equally worrisome - except for the November lows (747), the S&P generally has avoided the extreme Dow weakness of the past month. The S&P hit a low of 804 on Jan 20 and has successfully retested the area twice since then, but while the Dow started getting pulled under the 8000 line back in mid-January, the S&P has managed to avoid slipping under 800. With futures down to 805, that might be in jeapordy.
So what to expect on Tuesday? Both major indicies may be below any substantial support keeping them from the November lows. If the futures hold, both indices will also be below the level of the bottom boundary of the triangle that has defined the last 4+ months and would signal a strong downward breakout and resumption of the down trend that has been constrained by the triangle (although, watch for a fake-out - sometimes a breakout fakes in one direction and the quickly reverses and moves strongly in the other).
The day also has the potential for what I call a rocket reversal - a big downward move followed by a very strong intraday reversal that begins a new secondary up trend.
Either way, the early play would be the inverse ETFs (SKF, FAZ) - take advantage of the downward move from the triangle. Keep a fairly tight trailing stop (5%?) in case of the reversal (and then quickly jump into UYG or FAS) - or ride the indices down to the retest level if the reverse doesn't happen.