Whilst the broader market slipped moderately lower, it was another day of significant declines for Intel (INTC), which settled -1.7% @ $31.30. Price structure across the last year is a giant H/S formation, and if the $29 floor is taken out, there is likely downside to the mid/low 20s by Sept/Oct.
*the sixth consecutive net daily decline
Suffice to say, I've been watching INTC closely for the past week, and today's decline keeps the low $29s within reach by end of this week.
Another bounce off support looks due, but right now.. a bounce is all that could be expected before far more serious declines this summer.
Intel is a key stock for US equities, and if INTC loses the $29s at any point, it will be a powerful bearish warning about the broader equity market.
Best guess... $29 will fail in July/August... with $25 in Sept/Oct. Sustained action under $25 will be extremely difficult, even if sp'1950/00 zone.