Internet Stocks Weekly Losing Streak Nearing Bull Market Record

Unless there's a reversal on Friday, the Dow Jones U.S. Internet Index ($DJUSNS) will close lower for the fourth consecutive week, equaling its longest losing streak since the DJUSNS bottomed in late 2008.  There's a decent chance a new record could be set next week as the weekly negative divergence continues to play out.  Here's a look at the current technical picture:

The last breakout above 1450 has not held and the next key support level is the rising 20 week EMA.  Those are two key support levels when a negative divergence is present.  If those levels are lost, then consider the 50 week SMA support as next support and currently that moving average is at 1277.

Happy trading!

Tom