CINCINNATI (MarketWatch) -- The major U.S. benchmarks just suffered their worst three-day downdraft since March -- when they were crashing.

In the process, each index has violated its 50-day moving average, placing market bulls on the defensive, as detailed below.

The S&P 500 Index's SPX, +0.82% hourly chart details the past three weeks.

With last week's downdraft, the S&P violated important support at 1,115, matching the 2009 close and its 50-day moving average.

Rallies to this area will likely draw sellers, and the S&P's intermediate-term trend points lower barring a break back above 1,115.

Meanwhile, the Dow industrials' near-term view is similar. Namely, the index completely broke down last week, knifing through several former support points.

Looking ahead, significant resistance falls out as follows:

-- The 2009 close of 10,428.

-- Its 50-day moving average, currently 10,448 (not illustrated).

While all benchmarks are due a corrective bounce, the Dow Jones Industrial Average's DJIA, +1.19% intermediate-term path of least resistance points lower barring a break atop this area.

The Nasdaq Composite Index's $COMPQ near-term view is equally ugly.

From current levels, notable resistance falls out as follows:

-- The 2,220 breakout point, better illustrated on the daily chart.

-- Its 50-day moving average, currently 2,228.

A break atop this area would be promising for market bulls, placing the Nasdaq back atop its 50-day, though the index faces significant additional overhead at its 2,270 breakdown point.

Widening the view to six months adds color. Again, the Nasdaq has edged under its 50-day moving average, raising a flag to an intermediate-term trend shift.

Previous ventures under the 50-day -- in October and November -- have been shrugged off, but last week marked the most serious challenge to this first leg of its longer-term uptrend.

Moving to the Dow, it's wider view is the weakest.

As the chart illustrates, it's violated its 50-day moving average, technically signaling an intermediate-term trend shift.

Consider the initial break atop the 50-day -- back in July -- and the subsequent follow-through.

The S&P's six-month view is shaky at best.

With last week's downdraft, the index knifed straight through its 50-day moving average, an area that "should" have marked significant support.

Looking ahead, it needs to break back atop this area to neutralize last week's downdraft.

The bigger picture

As the charts above illustrate, significant technical damage was inflicted last week.

Most obviously, each benchmark violated its 50-day moving average, with the Dow and the S&P breaking decisively under this area.

And in the wake of last week's damage, Monday's rally attempt didn't exactly scream "raging bull." Specifically, the Dow industrials rose 23 points, while the Nasdaq and the S&P both added 5 points.

So not surprisingly, familiar areas remain in play.

Starting with resistance, the 1,115 level marks a significant inflection point matching the following areas:

-- The 2009 close.

-- The 50-day moving average (not illustrated).

-- The Jan. 22 high, a session that may have signaled a meaningful trend shift.

Looking ahead, a break back atop this area would put the brakes on bearish momentum, though the initial retest will likely draw sellers.

Conversely, the S&P's 10-year view highlights longer-term support. Namely:

-- Support at 1,065, matching the 20-month moving average.

-- Support at 1,060, matching the 2004 low.

-- Support at 1,044, matching the market-crash range top (not illustrated).

After last week's downdraft, an eventual retest of this area looks likely, but the S&P's longer-term uptrend is intact barring a break lower.

Summing up the backdrop

All told, the U.S. markets are near-term oversold and due a corrective bounce.

Yet more importantly, each major benchmark violated its 50-day moving average last week, signaling an intermediate-term downtrend.

Looking ahead, a decisive break back atop S&P 1,115 gives market bulls another green light.

Nonetheless, this area will likely draw sellers on the first test, and the U.S. markets' intermediate-term trends now point lower until proven otherwise.

Tuesday's watch list

The charts below highlight names well positioned technically. These are intended as radar screen names -- sectors or stocks positioned to move near term. For the original comments on the stocks below, check out The Technical Indicator Library.

Regional banks rally despite broad-market downdraft

Drilling down to sectors, select regional banks are acting well: SunTrust Banks STI, +1.42% , M&T Bank Corp. MTB, +1.05% and KeyCorp KEY, +0.84% .

As the charts illustrate, this group actually broke higher last week while the broad markets were getting hammered.

Recent strength has come on strong volume, positioning these names to further outperform once the markets stabilize.

Company Symbol Mon Close Support Resistance F5 Networks FFIV $53.48 $51.00 $56.20

Initially profiled Sept. 17, F5 Networks FFIV, -1.00% has returned 37.8% and remains well positioned.

As the chart illustrates, it tried to break out last week following the company's strong first-quarter results.

By comparison, the ensuing pullback has been orderly, given market conditions, and its path of least resistance remains higher barring a violation of the 50-day moving average.

Company Symbol Mon Close Support Resistance Core Laboratories CLB $122.00 $118.80 $126.50

Core Laboratories CLB, -4.32% is a midcap oil-services name positioned to rise. The shares started the year with a sharp spike to 16-month highs, clearing resistance at the October peak.

Since then, it's established a tight trading range near the highs, and this week's lift from support positions the shares to retest the range top.

Company Symbol Mon Close Support Resistance Covance Inc. CVD $57.65 $56.00 $60.50

Covance Inc. CVD, +0.40% is a midcap provider of drug-development services. Earlier this month, it spiked on strong volume, briefly touching 52-week highs.

The subsequent pullback has come on lighter volume, placing the shares at a high risk/reward entry ahead of Wednesday's quarterly report.

Company Symbol Mon Close Support Resistance Ciena Corp. CIEN $13.06 $12.00 $13.50

Ciena Corp. CIEN, -0.75% is a beaten-down networker coming to life. Technically speaking, it's recently cleared a four-month downtrend and its major moving averages.

The breakout signals a trend shift, and its path of least resistance remains higher barring a violation of first support, around $12.

Company Symbol Mon Close Support Resistance Zumiez Inc. ZUMZ $13.30 $12.60 $15.00

Zumiez, Inc. ZUMZ, +0.61% is a small-cap retailer positioned to rise. Earlier this month, it gapped sharply higher fueled by the company's strong same-store sales.

Since then, it's pulled in on lighter volume, placing the shares at a better entry near the bottom of the gap, and 18% under the January peak.