Intel is having a tough time this year. In fact, Intel (INTC) has been having a tough time since early December. The stock peaked around 37.5 in early December, formed a series of lower highs into mid January and then gapped down in late January. This gap-plunge broke support and the break is holding as broken support turns resistance. The February bounce formed a rising flag and a break below 33.5 would signal a continuation lower. The indicator window shows the price relative (INTC:SPY ratio) breaking down in late January and hitting a multi-month low this week.