The XMI has plunged back into a long-term uptrending 'Andrew's Pitchfork' channel after its January breakout failed to hold, as shown on the monthly chart below.
Support
It may be headed back to its next major support level and channel median around 2250. Its momentum indicator uptrend has been broken and is hinting at further weakness ahead on this timeframe. If it does hit 2250 and momentum drops below zero, it could decline further to the next major support level around 2150.
No doubt, further weakness on this index would drag US equities lower.