feb 14  welcome to the home for realtime coverage of markets brought to you by reuters reporters you can share your thoughts with us at marketsresearchthomsonreuterscom us equity index futures have bounced off their overnight lows this despite rising geopolitical tensions between russia and the west which pose a double whammy for investors already worried about aggressive policy tightening by the federal reserve to combat surging inflation indeed cme nasdaq 100 futures fell as low as 14031 in overnight trade on monday putting them down around 15 from fridays close and more than 16 from their november 22 intraday peak however they now stand around 14200 or just slightly red on the day of note so far the futures are holding support at their january 27 close of 1398675 this ahead of the january 24 intraday low at 13706 meanwhile traders are watching closely the behavior of momentum oscillators of concern since diverging into the november peak the daily rsi has been unable to muster enough strength to move back above the 7000 overbought threshold doing so could signal the futures have regained sufficient thrust to sustain a greater recovery that said in the event of equal or lower nqcv1 lows vs the latejanuary close traders would also watch to see if the rsi can form a higher trough vs its latejanuary low which was its most oversold reading since latefebruary 2020 in that event a bullish convergence could suggest the futures were especially ripe for a more significant low to form additional support is at the may 2021 low of 1289650 and the 382 fibonacci retracement of the entire march 2020november 2021 advance at 1287357 since the futures broke sharply lower in early january the descending 30day moving average now just over 15000 has been capping strength read more for mondays live markets posts prior to 0900 est1400 gmt  click here read more terence gabriel is a reuters market analyst the views expressed are his own