BALTIMORE ( Stockpickr) -- There's no two ways about it: Stocks got shellacked yesterday. And today, they're threatening a repeat performance.It's not so much the 2.85% drop in the S&P 500 that makes yesterday significant. Yes, that's a big one-day slide in stocks, but investors have gotten used to volatile downswings in this market. Instead, it's where that 2.85% drop left us that's important. Yesterday's price action pushed the S&P 500 to close down at 1099. That's well below the Aug. 8 close at 1200 that we've been watching as a key support level in stocks. It's even below the intraday bottom on that day. As I've mentioned in the past, a breakdown below that support level is a significant development. It implies that demand for broad market stocks below 1200 has dried up and that stocks could drop to their next-strongest support level. >>5 Stocks With Relative Strength Poised to Break Out Since Sept. 1, the S&P 500 has declined by 10%. Another bear leg would be seriously damaging to long-side investors. The sole caveat worth mentioning at this point is earnings season. Strong fundamental performance for the third quarter could spur a big enough sentiment shift to bring demand in for shares. That's a big "could," though; so far in 2011, investors have completely ignored two previous quarters of earnings that overwhelmingly exceeded expectations. Even though the broad market is looking less than attractive right now, there are still technical trades to be made out there for investors looking to recoup the poor performance of September. Remember, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution. Here's a look at five new technical setups that could deliver breakout gains to your portfolio this week.