CINCINNATI (MarketWatch) — The U.S. markets’ April downturn has inflicted meaningful technical damage.

This includes, but isn’t limited to, each major benchmark’s violation of its 50-day moving average, and the intermediate-term market bias points lower pending technical repairs.

Before detailing the U.S. markets’ wider view, the S&P 500’s hourly chart highlights the past two weeks.

As illustrated, the S&P has lifted from two-month lows.

Notable resistance holds at its breakdown point, spanning from 1,842 to 1,850, and a close higher would place the brakes on bearish momentum.

Meanwhile, the Dow industrials’ near-term backdrop is stronger.

Consider that the index closed Monday at 16,173, matching first resistance at its breakdown point of 16,175.

This area remains a bull-bear inflection point, better illustrated on the daily chart.

And the Nasdaq Composite’s backdrop remains characteristically weaker.

From current levels, near-term resistance holds at its breakdown point — Nasdaq 4,060 — and is followed by additional overhead at the March low of 4,131.

Widening the view to six months adds perspective.

On this wider view, the Nasdaq closed last week at 3,999.73, matching support at the 4,000 mark. Its worst close this year rests at 3,997.

A violation of this area likely opens the path to its 200-day moving average, currently 3,942.

Moving to the Dow, two inflection points should be familiar. Specifically:

Former support at the November peak of 16,175.

The Dow’s 50-day moving average, currently 16,199.

As detailed previously, this area marks a useful bull-bear inflection point, and a sustained break higher would place the Dow on firmer technical ground.

And the S&P 500 Index has also violated notable support. Here again, two inflection points stand out:

Former support at the S&P’s breakout point of 1,850.

The S&P’s 50-day moving average, currently 1,845.

Its first retest of this area from underneath should be a useful bull-bear gauge.

On a positive note, the S&P bottomed last week at 1,814, matching its next notable support at the November peak of 1,813.

The bigger picture

As detailed above, the April downturn has inflicted meaningful technical damage.

To start, each major benchmark has violated its 50-day moving average, a widely-tracked intermediate-term trending indicator.

Moreover, each index has notched a “lower low” vs. the March low, also signaling a trend shift.

And against this backdrop, the April downturn has been broadly-based.

Moving to the small-caps, the iShares Russell 2000 ETF IWM, -0.26% has almost precisely nailed its 200-day moving average.

This is a widely-tracked longer-term trending indicator, and the index hasn’t closed under its 200-day since November 2012. More plainly, significant support is under siege.

Looking ahead, notable resistance holds at its breakdown point — roughly, last week’s high of 115.25 — and a close atop this area would neutralize the April downdraft.

Meanwhile, the SPDR S&P MidCap 400 ETF MDY, -1.07% has also plunged to two-month lows.

Here again, notable resistance rests at last week’s high of 248.33, and its retest of this area is worth tracking.

But most notably, the SPDR Trust S&P 500’s SPY, -1.15% downturn has been driven by a volume spike, and was punctuated by a 7.5-to-1 down day last week. (Down volume surpassed up volume by at 7.5-to-1 margin.)

By comparison, this week’s upturn has been underpinned by lighter volume, and weak market breadth.

Bearish momentum is intact.

On a constructive note, the S&P 500 has thus far maintained next support point at 1,813, and the quality of its rally from this area is worth tracking.

A strong-volume reversal atop resistance around 1,850 would place the index on firmer technical footing.

But pending such a rally, the April downturn has inflicted technical damage, and the S&P’s near- to intermediate-term bias points lower.

Tuesday’s Watch List

The charts below detail names that are technically well positioned. These are radar screen names — sectors or stocks poised to move in the near term. For the original comments on the stocks below, see The Technical Indicator Library.

ETF Symbol Mon Close Support Resistance iShares MSCI Brazil EWZ $47.25 $44.50 $48.80

Drilling down further, the iShares MSCI Brazil ETF EWZ, -4.57% has turned higher as the U.S. markets turn lower. (Yield = 3.2%.)

Technically speaking, shares have recently staged a directionally sharp, strong-volume spike to four-month highs.

The ensuing pullback has been flat — driven by lighter volume — positioning the shares to extend higher. The risk/reward can be favorable from current levels with a stop at the 200-day moving average.

ETF Symbol Mon Close Support Resistance Utilities Select Sector SPDR XLU $41.94 $41.10 $42.20

Meanwhile, the Utilities Select Sector SPDR XLU, -1.76% continues to act well technically. (Yield = 3.5%.)

The group notched six-year highs last week, punctuating its recent successful test of the breakout point.

The XLU is also well positioned on the weekly chart, and its path of least resistance points higher barring a violation of the March low.

Company Symbol Mon Close Support Resistance Diamondback Energy, Inc. FANG $70.12 $65.00 $71.00

Initially profiled Feb. 19, Diamondback Energy, Inc. FANG, -0.05% has returned 14.9% and remains well positioned.

Late last month, the shares rallied to record territory, clearing well-defined resistance.

Since then, it’s established a two-week bullish flag — defined by first support — positioning the shares to build on the initial breakout.

Company Symbol Mon Close Support Resistance Targa Resources Partners LP NGLS $60.60 $58.20 $61.60

Targa Resources Partners LP US:NGLS is a well positioned large-cap name. (Yield = 5.0%.)

As illustrated, the shares have recently knifed to all-time highs, rising on management’s revised outlook.

By comparison, the ensuing pullback has been flat — driven by lighter volume — and its tight April range positions the shares to extend higher.

Company Symbol Mon Close Support Resistance GasLog, Ltd. GLOG $27.13 $25.70 New High

Public since March 2012, GasLog, Ltd. GLOG, +6.18% is a mid-cap provider of maritime services for the transportation of liquefied natural gas based in Monaco. (Yield = 1.9%.)

Technically speaking, the shares have staged a strong-volume spike to record territory.

Though near-term extended, a pullback toward the breakout point would offer an attractive entry. Note that its three-month uptrend is rising to meet this area.

Company Symbol Mon Close Support Resistance HCP, Inc. HCP $40.53 $39.60 $40.80

HCP, Inc. US:HCP is a large-cap REIT positioned to rise. (Yield = 5.4%.)

Earlier this month, the shares rallied from a bullish double bottom defined by the December and March lows.

In the process, it’s edged atop the 200-day moving average, raising the flag to a primary trend shift. The risk/reward can be favorable from current levels with a stop at the breakout point.

Still well positioned

The table below includes names recently profiled in The Technical Indicator that remain well positioned. For the original comments, see The Technical Indicator Library.