Dow Hits New 2008 Low

Where next for the blue-chip index?

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From the Wall Street Journal's MarketBeat blog:

With its latest decline, the Dow Jones Industrial Average has reached a new intraday low for 2008, falling to 11626.43, surpassing the previous intraday low of 11634.82, reached on Jan. 22. Stocks have recovered a bit— and the other major averages, the Standard & Poor's 500-stock index and Nasdaq Composite, are far from their yearly low.

Technicals don't look too cheery, and with today's big downgrades on Citigroup and General Motors, there's not a lot of reason to expect a big Dow rebound. Is the next leg down on the way?