INTEL, ORACLE, DELL, AND MICROSOFT ARE TRADING BELOW 200 DAY AVERAGES -- MBNA AND CAPITAL ONE HIT NEW HIGHS

NASDAQ 100 QQQS FALLS HARD... The Nasdaq 100 was the day's worst performer and pulled the entire stock market down with it. Chart 1 shows the QQQs threatening the late February low near 36. That level also corresponds with the prior peaks formed during November and December. Any decisive close beneath that level would signal a deeper correction in the Nasdaq market. Chart 2 shows the Nasdaq Composite moving down toward previous support near 2000. Many of the biggest tech stocks are now trading under their 200-day moving average lines.

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INTEL AND ORACLE BREAK MOVING AVERAGE SUPPORT... Percentage-wise, the biggest tech damage was done by Intel. Chart 2 shows that chip bellwether slipping under its 200-day moving average. That's causing a breakdown in the SOX Index. Chart 3 shows that Oracle also broke its 200-day line today. Two other big techies -- Dell and Microsoft -- are already trading under their 200-day lines.

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DELL AND MICROSOFT WEAKEN FURTHER... Dell has been trading under its 200-day average for several weeks. In today's trading, however, the big computer maker tumbled to the lowest level in seven months. And it's falling on increasing volume. The next test will come at the August low around 31. Microsoft has been another big tech disappointment. Chart 5 shows MSFT also trading under its 200-day average throughout the month of March. The stock fell to another three-month low today.

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FINANCIAL HIGHS... Technology was the day's weakest market sector. Energy was only sector that showed gains. Other groups that held up relatively well were financials, healthcare, and consumer staples. With long-term rates falling to another eight-month low today, rate-sensitive financial stocks continue to attract money. MBNA and Capital One reached new all-time highs today.

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