The recent selloff in the major stock averages has some investors wondering where it will all end. The Nasdaq has fallen almost 6% since June 30, and the Dow and S&P 500 are down nearly 3% over the past two weeks, as a host of technology companies have issued profit warnings, and expectations for economic growth have been ratcheted down. Many technical analysts say they expect major stock proxies to fall to the levels seen in May, suggesting that the S&P, Nasdaq and Dow could drop another 3.4%, 3.7% and 4.0%, respectively, from current levels. Some chart-watchers say an even bigger decline could be in the works, because they believe the trend of lower highs and lower lows so far this year will probably continue. Since the start of 2004, the major averages have made several attempts to rally before breaking down. Each rally attempt has failed to recoup the losses incurred in the prior selloff, and each decline has resulted in a new low. For example, the S&P 500 hit an intraday high of 1163 in early March before falling to 1087 later in the month. The next peak in early April left the index sitting at just 1151, and the subsequent decline pushed the S&P down to 1076 in May. By late June, the S&P peaked out at 1146, and after a recent selloff it is now sitting at 1114. Paul Nolte, director of investments at Hinsdale Associates, said that if the May lows are broken, as he expects they will be, the S&P 500 could fall to roughly 1000, while the Nasdaq could slide all the way down to 1600. The Nasdaq's intraday low in May was 1865, while the intraday low for the Dow was 9822.