Today's decline appears to have stabilized, but decliners definitely have the upper hand on advancers. Only 6 of the Dow 30 are higher, but none over $1. Decliners have quantity, but not necessarily quality. Only Boeing, American Express, and Merck are down over $1.
Dow and Nasdaq-100 60-minute Charts
The daily chart of the Dow doesn't offer much in the way of support, except for the psychological 11,200 level which has already been lost. Looking at a 60-minute chart shows that the 50-pma should be short-term support. For the Nasdaq-100 (QQQ), the top of the channel at $49.44 is the level that needs to hold.
Networking Index and Ciena 60-Minute Charts
While most of todays declines are a nice and orderly, the Networking Index (NWX.X) appears to have a little bit of panic in it. After falling back below previous highs yesterday, the index gapped down at the open and has fallen 3.90%. NWX looks to have stabilized around 475, but the 50-pma is still a fair distance away from offering any support. After gapping up on news of a deal with AT&T, networking stock Ciena (NASD:CIEN) gapped down $2 today to form an island reversal. Ciena is trying to rebound, but it will be interesting to see if the gap can be filled by the end of the week.