In addition the Dow was struggling with its 200-week simple moving average, and my annual resistance reading from my proprietary analytics was at 11, 235.

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The five-week modified moving average rises to 11, 402 with the annual pivot at 11, 491 and monthly and quarterly risky levels at 12, 091 and 12, 507.

FORBES: Stocks Remain Cheap and Weekly Charts Remain Positive

The weekly chart for the Dow Industrial Average remains negative on the weekly close below the five-week modified moving average at 11, 471, which is below my annual pivot at 11, 491.

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When you look at the weekly graph for the Philadelphia Semiconductor Index (SOX) you see that semiconductors are on the cusp of its 200-week simple moving average at 341.34 and that a trend below that key technical level indicates risk to its annual value level at 270.98.

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