NDX is approaching the February low.
As discussed in weekly update on April 6, this area is twofold critical since it coincides with the 10 mma.
If this support does not hold we can see that, in the monthly time frame, there is not a clear obstacle that could prevent a drop towards the next major support zone located at the Trend Line support in force since the 2009 lows and the 0.5 retracement of the up leg from the November 2012 higher low. We are talking about a 10% decline.
Undoubtedly such an outcome would seriously jeopardize the SPX short-term bullish scenario of a potential pending last up leg to a new ATH, which would conclude with a Double Zig Zag or a Triple Zig Zag the 5 years advance from the March 2009 low.