SOX - Next Support Level

Preferred support (trend from '03) has been lost but the SOX has more support at around 385. An analyst downgraded the chips yesterday (don't you love it when they do this after a head & shoulders topping pattern has already expressed itself to target?) and we are left to wonder where was this genius a few short months ago @ 540? The semi's are an important indicator of overall market health and it would be good for bulls to get their $hit together here.