A dramatic swoon in the stock market of late hasn't fazed technical analysts, who continue to believe that the bull market is alive and well.

Despite renewed fears about terrorism and questions about the sustainability of economic growth recently, technicians say the action in the market still looks good. And while these forecasters think it's always better to purchase stocks on strength, rather than weakness, they say an opportunity to buy might present itself within the next few weeks.

"The market actually looks pretty constructive, all told," said John Bollinger, president of Bollinger Capital. "Technicals remain quite strong."

Bollinger said more stocks are making news high right now than new lows, which is typical for a market that's in the process of moving higher.

Stocks sold off last week, with the Dow and S&P 500 falling more than 3% each, while the Nasdaq plunged almost 5% amid a dramatic shift in psychology.

Although the Nasdaq had been deteriorating since mid-January, the broader market had held up well as investors rotated into more defensive names. But a disappointing report on the labor market ignited fears that the economy could weaken later this year and a terrorist attack in Spain reminded investors that geopolitical risk is a very real concern, sending the entire market lower.

While Friday's rebound gave some investors hope, a big slide on Monday quickly squashed any remaining optimism. The Nasdaq slid 2.3% to 1939, while the Dow and S&P lost more than 1% apiece to 10,103 and 1104, respectively.

Now that the S&P and Nasdaq have broken through their lows on Thursday, some say further declines could be ahead. The support level for the S&P stands at 1050, representing the index's 200-day moving average, according to Richard Dickson, an analyst at Lowry Research. On the Dow and Nasdaq, support lies at about 9800 and 1870, respectively.

Still, Dickson believes that the market should resume its upward trend shortly. Last Thursday, he said, the percentage of stocks trading below their 10-day moving averages fell below 10%. "Every time this happened over the last 14 years, it indicated that the market was either at or very close to a bottom," he said.

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