Divide the Chex Cereal into two separate bowls and set aside.
Pour the Pink Candy Melts into a microwavable bowl. Then pour the Red Candy Melts into a separate microwavable bowl.
In the microwave, melt the Pink Candy Melts in 30 second increments until smooth. Once the pink candy melts are smooth and melted, pour over one of the bowls of Chex Mix cereal. Gently stir together until the cereal is coated in the candy.
Repeat with the Red Candy Melts. Melt the Red Candy Melts in the microwave at 30 second increments until smooth. Then pour over the other half of the cereal and gently stir together until the cereal is coated.
Add powdered sugar to a Ziplock freezer bag, then add in the pink and red coated cereal. Shake the bag until the cereal is coated in the powder sugar.
Add in the M&M's and Valentine sprinkles.
This cereal will last up to two weeks in an air tight container - if it lasts that long!